Mitt Romney's company to develop a strategy for Rusnano

The head of JSC Rusnano Anatoly Chubais ordered the development of a new strategy for the state corporation from Bain & Co Company, which is related to presidential candidate Mitt Romney, as reported by Izvestia newspaper.

The newspaper said that the tender for the development of the strategy was won by Moscow office of the international consulting firm Bain & Co. Mitt Romney got a job at Bain & Co. in 1977; Bill Bain (co-founder of Bain & Co.) and Romney created investment firm Bain Capital in 1984. The information about how many shares are owned by Mitt Romney at Bain Capital or Bain & Co. has not been disclosed.

As stated in the specifications of Rusnano, Bain will have to provide full support for the preparation of the strategy. This is about the analysis of the competitive advantages of Rusnano, the evaluation of the competitors, positioning, finding optimal business model and, in fact, promising investment directions.

In addition, as the newspaper notes, Bain & Co will develop a system of management motivation aimed at achieving the goals of Rusnano’s new strategy.

According to Izvestia, Rusnano will pay 46.4M RUR for the strategy offered by Bain & Co. Boston Consulting Group had also competed but lost, despite on the lower price (37.5M RUR). Rusnano explains that the key factors in favor of Bain were attractive timing, as well as the experience in support for projects to prepare strategies for venture capital funds and investment companies.

The U.S. office of Bain & Co. does not comment on the contract with Rusnano and does not deny the old ties with Russian government agencies.