Dr. Igor Kostikov
Investment Director Dr. Kostikov has recently returned to the private sector after holding a Cabinet-level position
in the Russian government as Chairman of the Federal Commission on the Securities Market (2000-2004). As Russia's chief financial regulator, Dr. Kostikov had a profound impact on the development and maturation of the Russian securities markets. Under his guidance, several important reforms were implemented including the adoption of the Corporate Governance Code and legislation creating the Russian mutual funds markets. Before taking the post of Chairman, Dr. Kostikov was the Chairman Deputy of the Finance Committee of the Saint Petersburg Municipal Administration. Dr. Kostikov is one of the original participants of the Russian financial markets. In 1990 he founded and headed "Mark Ltd", one of the first Russian financial consulting companies for participants of the securities markets. In 1993 he founded the investment company "AVK" (Saint Petersburg), which was an underwriter of municipal obligations for the Saint Petersburg Municipal Administration. Dr. Kostikov is credited as being the founder of the municipal bonds markets in Russia. AVK is one of the largest operators in the Russian equities markets as a broker, dealer, depositary, a special depositary for unit trusts and pension funds, a financial consultant for public institutions and trust asset manager. AVK Securities & Finance Ltd. holds the highest reliability rating, AA, by the National Association of Stock Market Participants (NAUFOR). Since leaving public service Dr. Kostikov has undertaken several significant investment projects for groups of private investors. He holds a dual PhD from the Institute of the World Economy and International Relations of the Academy of Sciences in "World Economy" and "Finances and Credit". He is a graduate of the economic faculty of St. Petersburg State University and completed training at the International Service School, Georgetown University as a Pew Foundation Fellow and at Oxford College. Dr. Kostikov regularly delivers lectures in leading American and British universities on topics including macroeconomics and the Russian economy, Russian securities markets development, promoting corporate governance norms and improving the investment climate in Russia. He is a member of the academic council of the Institute of the World Economy and International Relations, a member of the Expert Council of the Russian Institute of Directors, Chairman of the Trustee Council of the Institute for Stock Market and Management and Vice President of the Russian Union of Industrialists among others.