The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vadim Kleiner

Director of research, Hermitage Capital Management

Vadim Kleiner admits that "in the early days" his job could be a little dangerous, but now he assures me he has good relations with many of his old "enemies". He says: "They understand it's just business. Purely money. Nothing personal."

Kleiner has worked at Hermitage Capital Management for five years. But this being Russia and Hermitage being the famously activist investment company set up by Bill Browder, Kleiner's work remit is different from that of the average equity analyst. He says: "I sit on boards, negotiate with government ministers, battle on the legal front and then send out reports and research notes."

One such report recently landed him in hot water. In December, he made a presentation to the Adam Smith Institute's Russian banking conference in London, entitled: "Hermitage's Plan To Boost Sberbank Value". The report, in customary Hermitage fashion, did not mince its words. It accused Russia's largest bank of, among other things, making subsidized loans to oligarchs at the expense of ordinary Russian depositors; making even more subsidized loans to management and related parties and being overstaffed, inefficient and inequitable.

What made it worse was that Kleiner is a member of Sberbank's supervisory board, because Hermitage is a minority shareholder in the bank.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree