The National Rating Agency has confirmed the rating of financial reliability of the “RWM Capital” Asset Management at the AA level under the national scale with the “stable” forecast. The reliability rating assigned to the Company for the first time on 24.04.2012 was “AA-”. The last rating action was dated 23.04.2015, when the rating was confirmed at AA with the “stable” forecast.
“RWM Capital” Asset Management was founded in 2005. The main shareholders of “RWM Capital” Asset Management are the “RWM Capital” Investment Group (50.1%), NO NPF (Non-profit Organization Non-governmental Pension Fund) “Blagosostoyaniye” and “Upravleniye investitsiyami” LLC (30%). “RWM Capital” Investment Group implements projects in the field of private equity, real estate investments, venture investments and trust management. The main activity of “RWM Capital” Asset Management is the trust management of assets in closed-end mutual investment private equity and real estate funds.
Website of “RWM Capital” Asset Management: www.rwminvest.ru
Website of the Group: www.rwmcapital.ru
The reason of the confirmation of the Company’s rating is the positive evolution of the volume of assets under management, increasing level of capitalization and stable profitable activity during the analyzed period. The Agency gave the positive evaluation to the stable partnerships with the key customers, presence of long and successful experience in working in the Russian stock market, stable composition of the professional team of managers and high operation standards of activity. The rating evaluation is still affected by the low diversification of the Company’s business in the areas of activity and by the high concentration of the clients base. According to the business specifics, the portfolio of assets managed by the Company is characterized by the moderate risk and low liquidity indices.
During the analyzed period (IV quarter of 2014 – IV quarter of 2015), the total assets managed by the Company increased by 20% (or by 5.5 billion rubles) and amounted to 32.9 billion rubles. Historically, the main area of the Company’s business is managing CEIF (closed-end investment funds). According to the results of 2015, the assets of 10 closed-end investment funds were under the Company’s management. The funds’ assets have been invested mostly in real estate. All the objects have been put into operation and generate the stable rental earnings. During the past year, according to the plan, the Company purchased the new CEIF, i.e. the Company steadily increases its occupation in the field of real estate investments. According to the results of the analyzed period, the Companies own funds increased by 46% to 155 million rubles. The quality of the own funds has been evaluated as good: the difference between the balance value of the own capital and the value of own funds is minimal. The the balance value of the own capital increased due to the increase of the amount of retained earnings in the sources of funding in the IV quarter of 2015. The Company’s activities were profitable during the whole analyzed period. According to the results of 2015, the revenue amounted to 313.6 million rubles, the net profit in 2015 amounted to 40.9 million rubles.
Chief rating analyst Darya Yudaeva +7 495 7755902 yudaeva@ra-national.ru
Chairman of the Rating Committee Karina Artemyeva +7 495 7755902 artemeva@ra-national.ru
Date of the relevant Rating Committee: April 19, 2016 The applied rating methodologies: • Methodics of evaluating the financial reliability of management companies • http://www.ra-national.ru/ru/node/57334 Additional information is available on the website: www.ra-national.ru The results of the analytical work of the Agency including the assigned ratings and information contained in this press release are the expression of the independent opinion of the Agency as of the date of their preparation and not a statement of fact or a recommendation for making any investment decisions or performing operations in the securities market. The Agency is not responsible for the consequences of using the opinions and/or information contained in this press release. The Agency receives an information from the sources, which are reliable on its opinion, however, the Agency cannot guarantee the absolute accuracy, completeness and trustworthiness of such information, because it does not perform an audit and does not undertake the obligation to conduct the comprehensive checkup or independent verification of the received information. National Rating Agency (NRA) One of the leading credit rating agencies in Russia, founded in 2002. The NRA specializes on assigning individual ratings of creditworthiness, financial reliability and financial stability to companies both in financial and non-financial sector. The NRA actively implements social projects and provides a research analytics on a wide range of industry topics, such as: macroeconomics, banks, insurance, MFIs, collective investments, stock market, oil and gas sector, investment potential of Russian regions, retail trade. To date, more than 400 legal entities are the clients of the NRA on the assigned contact ratings. More than 1,000 companies and banks are involved in other information projects of the Agency. The NRA has the accreditation of the Ministry of Finance of the Russian Federation. The NRA ratings have been officially recognized by the Central Bank of the Russian Federation, Moscow Stock Exchange, Ministry of Economic Development of Russia, AHML (Agency for Housing Mortgage Lending), National Association of Participants of Securities Market, National Securities Market Association, National League of Managers, Association of Russian Banks and others. Since 2008, the NRA follows the Code of Professional Ethics of the Russian rating agencies approved by the Board of the Self-regulatory Organization National Securities Market Association. Since 2011, the NRA is a member of the European Association of Rating Agencies (ЕАСRA). In 2014, the NRA has founded the subsidiary in Austria – NRA International GmbH.
