VTB and Alfa Capital structures to manage allocations for innovation

VTB and Alfa Capital structures to manage allocations for innovationSkoltech, a joint fund of Skolkovo and the Massachusetts Institute of Technology chose the Governors that will get about $ 500 M. The preference is given to Alfa Capital and VTB out of 15 applicants, according to Vedomosti.

VTB Capital Investment Management and MC Alfa Capital will manage the fund, said the Vice President of Skoltech Operations and Development Alexei Sitnikov. They offered the best conditions for the price, which in combination with other criteria (availability of personnel, assets, financial stability, etc.) gave the highest scores, he said. Originally, there was a limit on compensation: management fee is equal to zero, the upper reward success threshold - 1% and the selected managers offered significantly below this level - says Sitnikov. These companies will be asked to sign a contract to manage the assets of Skoltech, adds another Skolkovo employee.

We have not yet received official notification about the outcomes of the competition - said the General Director of the MC Alfa Capital Irina Krivosheeva. The representative of VTB Capital has not responded to the request of Vedomosti.

The request to finance the fund at the expense of state-owned companies was made by the President Dmitry Medvedev in March: it should be the largest endowment of Russia. For three years companies will allocate about 30 B RUR to the fund, said in spring the presidential aide, now Deputy Prime Minister Arkady Dvorkovich. Innovative development programs on behalf of the President's Commission are developed by 47 major state-owned companies including Gazprom, RZD, RusHydro, FGC, Aeroflot.

Special capital (must be over 3 M RUR) is formed, the specific information on state-owned companies’ contribution cannot be given now, Sitnikov said: but a number of state-owned companies have already given a positive response, and confirmed their intention to send money to the endowment fund. About 15 management companies participated in the contest, said one of Vedomosti’s interlocutors. Target annual return that they must ensure is at least 5%.

Now the government representatives in the boards of directors initiate examining of the question and funding. Procedures should be completed by September - said in March the vice-president of Skolkovo Stanislav Naumov.