With new Da Vinci investment, Russian online broker ready to take IT platform globally

With new Da Vinci investment, Russian online broker ready to take IT platform globallyDa Vinci Private Equity Fund II, a Russian investment fund, has bought into ITinvest, a major Russian online broker, to assist the latter in international expansion with its new IT solution

Da Vinci Private Equity Fund II, a Russian investment fund focused on financial infrastructure in Russia and the former Soviet Union, has acquired a 63% stake in ITinvest, a major Russian online broker established in 2000, East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, reported earlier this week. The amount of the transaction has not been disclosed, but Vladimir Kochetkov, the president of Finam, a sizable Russian financial company, has estimated it at ?around $30-50m,? the Russian business daily Vedomosti reported. The broker?s existing shareholders ? which own the remaining 37% ? include Russian Funds Investment Group, a 15-year-old Russian multisector financial holding with a focus on M&A and asset management, which bought into ITinvest in 2007, as well as ITinvest?s management team. A part of the transaction amount will go to developing the company, which aims to upgrade its online brokerage platform to a newly sophisticated level and offering direct access to the Chicago Stock Exchange (CHX) as well as a number of other services...