Raimo Valo, the current head of Svenska Handelsbanken’s operations in Russia, has been appointed to lead Iceland-based Glitnir Bank’s Russian investments through the FIM investment services group, effective August 2007.
“I am looking forward to building up Glitnir’s operations in Russia. FIM’s products are a great fit for the growing markets of Russia, and this is an excellent time to start up mutual fund operations. Our goal is to harness the existing infrastructure to forge an efficient sales network for Russia,” Valo said, according to a FIM press release.
The FIM investment services group has been part of Glitnir Bank since March 2007. FIM’s subsidiary was established to carry on asset management and mutual fund operations in Russia.
“The Russian middle class is rapidly becoming more affluent. We seek to benefit from this growth in Glitnir’s Investment Management. We are presently starting up local funds and we believe that demand for our investment management services will see vigorous growth in Russia in the years ahead,” said EVP of Glitnir Investment Management Jan Forsbom. “Raimo Valo has strong local experience and market knowledge. We are very satisfied to have him on board to bolster our expertise in investment services.”
Valo, LL.M. Master of Laws, was involved in setting up the Moscow branch of the Swedish Bank Svenska Handelsbanken, and has served as its managing director since 2004. Valo transferred to Moscow from a similar position in Poland.