Hermitage Capital Management

Hermitage Capital Management is an investment and asset management firm specializing in Russian markets. It is an activist fund that focuses on the exposure of corporate corruption in the companies it is holding, in hopes of improving managerial behavior and reducing the significant discount that corruption has on share prices.

  • Most notably, Hermitage played a key role in exposing numerous high-profile cases of corruption in Russia's largest company Gazprom between 1998 and 2000.
  • In October 2000, Hermitage reported that "investors are valuing this company as if 99 percent of its assets have been stolen. The real figure is around 10 percent so that's good news."