By Jason Corcoran in Moscow
Red Star Asset Management is switching its focus from Russia to global emerging markets following the recruitment of Scott Licamele as a director.
James Fenkner, founder and managing director of Red Star, quit Russia early this year to move to California after working in Russia for 14 years.
Fenkner made the move for family reasons but his relocation has made it logical for the fund to broaden its focus beyond Russia and the CIS.
Fenkner set up Red Star in 2005 after seven years at Russian investment bank Troika Dialog as head of research and initially as chief strategist. The firm was one of the few Russian hedge funds not to gate clients after last year's crash led to massive redemptions from funds in the region.
Licamele was previously vice president of equity research sales at Renaissance Capital. At Red Star, he will be responsible for emerging markets equity research and business development. He is based in Greenwich, Connecticut.
Prior to working at Renaissance, Licamele headed up North American equity sales and trading for Russia’s Alfa Bank in New York. He also marketed Alfa Capital Partners private equity fund to North American clients. Licamele, who has lived in Russia and Ukraine for over five years, said: “Our strategy is based on three principles. First, global demand for commodities, particularly China’s, will be supportive of commodities prices during the
next decade.
"Second, America’s unprecedented expansionary fiscal and monetary policies will significantly weaken the dollar over the long-term, bolstering the price of dollar-based commodities. Lastly, numerous commodity sector stocks offer tremendous upside – specifically those large and growing companies which are under-represented in market indexes.”
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