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Jochen Wermuth
Born (1969-12-13) December 13, 1969 (age 54)
NationalityGerman
Alma materBrown University
Occupation(s)Founder and CIO Wermuth Asset Management
Websitewww.wermutham.com

Jochen Wermuth (born 13 December 1969) is a German businessman, and founder and Chief Investment Officer of Wermuth Asset Management, a German family office and investment advisory firm.[1]

He advised the Russian government on the transition to a market economy during the immediate post-Soviet period, and is a frequent commentator in the media on Russian economic matters.[2] [3] [4]

Biography

Jochen Wermuth was born in Boston Massachusets, where his parents Dr. Dieter Wermuth and Professor Dr. Nanny Ellen Wermuth were studying on Fulbright scholarships at Tufts and Harvard, respectively.[5]

He is the eldest of their four sons, Martin (1974), Peter (1976) and Ulli (1981). Jochen graduated magna cum laude and with honours from Brown University, and holds a BA in Mathematics and Economics and MA in Economics. He also passed his qualifying exams for a Doctorate in Economics at Balliol College, Oxford [6]. He is married with two children to Russian ecologist Alexandra Kornilova.

In 1993, Jochen Wermuth became an EU-TACIS adviser to Russia's Ministry of Finance in the area of "fiscal policy framework development" based on his studies of the transformations following German unification. He co-founded the World Bank sponsored Economic Expert Group [7] under the Ministry of Finance of Russia and headed it between 1995 and 1997.[8] In 1997, he joined Deutsche Bank's Global Markets Division in London as Director of Russian debt capital markets origination, working from Moscow as a member of the management committee responsible for setting up Deutsche's fully licensed subsidiary there. [1] While working for Deutsche Bank, from 1997 to 1998, Jochen Wermuth and his team raised around $8 billion in financing for Russia. He left Deutsche Bank with an outstanding bonus claim for $37m an issue was eventually settled amicably out of court.[9] [10] [11] [12]

Public profile

Jochen Wermuth first got known to the general public when German TV station Suedwestfunk did a documentary about his work in the Russian Ministry of Finance "Der Taschenrechner des Kreml, 1997".[13] He has since become a regular commentator on the global macroeconomic situation and on Russia in the international media. [14][2][15] [16]

First to warn of potential Russian default

Evgeniy Yasin, ex-Minister of Economics wrote in his article about Russian economic reforms that Jochen Wermuth, head of the Economic Expert Group under the Ministry of Finance of the Russian Federation, was the first to warn of a potential default of the Russian Government in a memo in the fall of 1996 which he forwarded to Chernomyrdin.[8]

Questions to the Russian Authorities on corruption and investment climate

In the summer of 2010, JW together with Nikita Suslov published an article "How to improve Russia's Investment Climate". [17] In the fall of 2012, ahead of the Russian Duma elections and the general public uproar, Jochen Wermuth challenged Putin on the progress made in terms of fighting corruption and in terms of improving the Russian business climate at the VTB conference.[18]

Commitment to sustainable growth

Jochen Wermuth is a sponsor of Greenpeace,[19] a member of "Eurosolar"[19] since 2000 and did his first investments into clean tech in 2000, starting with an integrated production chain from quartz sands to mono-silicon with the late Nobel Prize Laureate Alexander Prokhorov. He found that he required a stronger balance sheet to see through such important break-through technologies, turned his family office into an investment advisory business and gradually built the team and assets dedicated to investments in sustainable growth, culminating in the "Europe Tatarstan Clean Tech Fund"[20] [21] [22] [23] [24] dedicated to investing in leading clean tech companies with technologies relevant to the Russian-Kazakhstan-Belorussian Free Trade zone to entry to such a market via Russia's region of Tatarstan might be attractive.

Wermuth Asset Management

After leaving Deutsche Bank, Wermuth founded his own family office focusing on sustainable investments, Russia and the CIS. [25] Wermuth Asset Management (WAM) is an international investment advisory firm headquartered in Germany and with branches in Russia and the Netherlands. The firm's main clients are investments funds it sponsors, which in turn have high net worth individuals, family offices, fund of funds, pension fund and sovereign wealth funds as investors. WAM advises funds in several alternative asset classes, including long/short equities activist value investing, real estate development and private equity, with a focus on sustainable growth and clean-technology funds spanning the EU and Russia, which make up 60% of AUM. Since its foundation in 1999, WAM has advised on more than $1 billion of investments in Russia. WAM is a member of the World Economic Forum's "Champions of Tomorrow" initiative and as sponsor of Transparency International[26] and the "Deutsch-Russische Jugendparliament".

Other interests

Wermuth is a member of the Young President's Organization and is its inaugural spokesperson for the YPO Global Pulse,[27] a member of Eurosolar founded by Herrmann Scheer, a member of The Liberal Mission of Russia, the German Association for Foreign Policy (DGAP), and a supporter of Greenpeace. His philanthropic activity includes support of renewable energy research at Brown University, support of the New Economics School in Moscow, to Russian orphanages and efforts to protect the grave of artist Kazimir Malevich.[28] He is a runner, swimmer and cyclist and used to ballroom dance, play tennis and soccer.

References

  1. ^ a b "Go east, young man – it's the land of opportunities!" - Voice of Russia, Retrieved January 2012 http://english.ruvr.ru/radio_broadcast/34857244/64950863.html
  2. ^ a b "Wermuth Interview" – Bloomberg TV, Retrieved December 2010 http://www.bloomberg.com/video/64874952-wermuth-interview.html
  3. ^ "Russia Corruption "World Champion" – CNBC Squawk Box, Retrieved June 2011 http://video.cnbc.com/gallery/?video=1962874854
  4. ^ "Europe – left turn?" – RBC TV Dialog, Retrieved May 2012 http://rbctv.rbc.ru/archive/dialogue/562949983878311.shtml
  5. ^ "Interview with Jochen Wermuth" – Finparty, Retrieved January 2012 http://finparty.ru/section/interview/record/1019/
  6. ^ Jochen Wermuth bio – Bloomberg, Retrieved March 2012 http://www.bloomberglink.com/gatherings_participants_bio.php?gathering=133&Id=3137
  7. ^ http://www.eeg.ru/pages/172
  8. ^ a b Сложный переход к рынку – Интервью с Е. Г. Ясиным - http://ru-90.ru/node/10
  9. ^ Специалист по российским бумагам требует от Deutsche Bank компенсацию в размере $37 млн – Коммерсантъ, Retrieved February 1999 http://kommersant.ru/doc/213914/print
  10. ^ People and Business - Bank raid. - The Independent, Retrieved February 1999 www.factiva.com
  11. ^ Deutsche Bank Sued by Former Employee for `Wrongful' Firing – Bloomberg, Retrieved February 1999 www.bloomberg.com
  12. ^ Sacked chief sues Deutsche for Pounds 23m – The Evening Standard, Retrieved February 1999 www.factiva.com
  13. ^ http://marjorie-wiki.de/wiki/Jochen_Wermuth
  14. ^ Return of Russia's Putin – CNBC Squawk Box, Retrieved October 2010 http://video.cnbc.com/gallery/?video=3000051858
  15. ^ Russia Corruption "World Champion" – CNBC Squawk Box, Retrieved June 2011 http://video.cnbc.com/gallery/?video=1962874854
  16. ^ Investors Positive About Putin Election Win – CNBC Squawk Box, Retrieved March 2012 http://video.cnbc.com/gallery/?video=3000076197
  17. ^ Инвестиции в Россию: Как улучшить климат – Ведомости, Retrieved June 2011 http://www.vedomosti.ru/newspaper/article/261256/kak_uluchshit_klimat
  18. ^ Jochen Wermuth speaks to V. Putin at VTB Calling – You Tube, Retrieved October 2011 http://www.youtube.com/watch?v=CD8OxQNkbtY
  19. ^ a b CleanTech Forum – Retrieved, April 2012 http://events.cleantech.com/munich/wermuth-jochen
  20. ^ Towards a Circular Economy with Europe-Tatarstan Clean Tech Fund http://www.youtube.com/watch?v=MHHy8cNgozE&feature=youtu.be
  21. ^ Wermuth launched Russian clean tech energy fund – Reuters, Retrieved January 2012 http://www.reuters.com/article/2012/01/30/wermuthassetmanagement-idUSL5E8CU2W220120130
  22. ^ "What's Hot in Cleantech, Including a Possible Agilyx IPO and a New Russian Fund" – PE HUB, Retrieved March 2012 http://www.pehub.com/142971/what%E2%80%99s-hot-in-cleantech-including-a-possible-agilyx-ipo-and-a-new-russian-fund/
  23. ^ Jochen Wermuth, Wermuth Asset Management: "Cleantech-Fonds für die EU und Russland" – Venture Capital Magazine, Retrieved April 2012 http://www.vc-magazin.de/themen/interviews/artikel/jochen-wermuth-wermuth-asset-management-cleantech-fonds-fuer-die-eu-und-russland.html
  24. ^ Bringing clean tech to oil-rich Tatarstan – Financial Times, Retrieved February 2012 http://blogs.ft.com/beyond-brics/2012/02/01/a-clean-tech-fund-for-tatarstan/#axzz25yhm0qfm
  25. ^ Interview with Jochen Wermuth, Chief Investment Officer at Wermuth Asset Management - COOConnect Editorial – Retrieved October 2011 http://www.youtube.com/watch?v=SZDhPatpK_A
  26. ^ http://www.transparency.org/private_sector_support
  27. ^ YPO Releases Quarterly Global Pulse CEO Survey April Result shttp://www.ypo.org/docs/European%20Union%201Q2010%20Release,%20Final.pdf
  28. ^ "Campaign to build Malevich centre by artist's grave" – The Art newspaper, Retrieved December 2011 http://www.theartnewspaper.com/articles/Campaign-to-build-Malevich-centre-by-artists-grave/25160
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