Russia bars biggest portfolio investor

Britain’s ambassador today sharply criticised Russian authorities for barring a crusading manager with the biggest investment fund in Russia from entering the country, warning it will damage investor sentiment.

William Browder, a British citizen who is the chief executive officer of the Hermitage Capital Management fund, was prevented from entering Russia last November on grounds of national security.

Hermitage has more than €2.89bn under management and acts on behalf of over 6,000 institutional and individual investors from more than 30 countries.

“We are mystified that a man who has brought billions of dollars to Russia has for some reason been excluded from entry to Russia,” said British Ambassador Anthony Brenton.

“The continued exclusion of Mr Browder is very damaging to Russia’s standing in international investment circles,” he told reporters.

Observers say Browder may have made enemies in one of his many high-profile campaigns for greater transparency and efficiency at some of Russia’s biggest conglomerates.