Andrei Movchan Founding Partner
  • Renowned economist and investment manager with 30 years of experience.
  • Formerly, Executive Director of Troika Dialog Investment Bank; Founder and Chairman of the Board of Renaissance Investment Management Group, with assets under management of more than $7 billion; founder of the investment company "Third Rome".
  • A laureate of many awards and prizes, in particular, "Best Asset Manager" Forbes, "Best CEO of the management company" RBC, "Legend of the Industry" SPEAR'S, "Manager of the Year" RBC, etc.
  • Former head of the Carnegie Center's Economic Policy Program.
  • Specialist in probability theory and mathematical statistics. Authored the books "Russia in the Post-Truth Era", "Cursed Economies", "English Diary", and many articles and lectures on economics and finance; twice awarded the “Presszvanie” Award for his contribution to business journalism.
  • Graduated from the Faculty of Mathematics and applied mechanics at the Lomonosov Moscow State University, the Financial University under the Government of the Russian Federation, and the University of Chicago Booth Business School.
Michael Portnoy Senior Partner
  • Senior Partner at Movchan's Group, LAIF и FLAG funds. 
  • 26 years of experience in investment industry.
  • 12 years of experience in developing and analyzing trading strategies; systematic trading in equity, futures and options markets.
  • 7 years of experience in selecting, analyzing and managing portfolios of hedge funds and absolute return strategies in global financial and commodity markets.
  • Worked at major Eastern European banks and wealth management firms; headed departments of Global Markets, Hedge Funds and CTAs.
  • Specialist in absolute return products and market-neutral strategies in futures and options markets.
  • Graduate of Baruch College CUNY (Finance & Investments).
Julia Prokofieva Senior Partner
  • Expert in the field of corporate governance with 15 years of experience.
  • Experience in managing securities issuance, implementation of risk management systems, implementation of Basel III and MiFID requirements in leading banks.
  • Specialist in wealth management, tax planning, issues of residency.
  • Graduated from the Russian Academy of Justice and the Plekhanov Russian Academy of Economics.
Boris Milshtein Head
  • Specialist in corporate law and finance with experience in providing strategic and legal advice to financial organizations, private equity and venture funds and banks regarding their establishment, structuring, M&A transactions, investments and debt finance.
  • Began his career as a lawyer at Cleary Gottlieb Steen & Hamilton. In 2019, he joined Dentons, where he gained hands-on experience and was committed to helping clients navigate complex legal issues related to corporate, securities, antitrust and currency law.
  • He has been featured and recognized for his expertise in various legal rankings such as Chambers & Partners.
  • Graduated and received his Master of Law from the University of Pennsylvania and the Wharton School.
Boris Moshkovich Executive Director
  • Over 25 years of management experience in business entities. Boris has held managerial positions in the top 100 Russian banks; created and supervised the activities of industrial development funds, venture funds and export centers, building systems of customer support. 
  • Founder of the ABM consulting group. Group's clients are leading corporations and banks, major gas, industrial and service companies. 
  • Founder of the charity foundation Life like a Miracle, which provides systemic support to children with severe liver diseases and has saved hundreds of lives over the years. Boris promoted the training of doctors and the introduction of advanced technologies in the medical field, created training programs for parents and children, which helps people with diseases to lead a normal life.
Alexander Ovchinnikov Senior Partner
  • One of the recognized Russian experts with more than 30 years of experience in the financial markets.
  • Since 1993, within the Central Bank of Russia Alexander participated in the creation and development of the Russian sovereign debt market. Then he headed the debt market analysis team of Troika Dialog.
  • Since 2000, he headed the analytical, and trade divisions, was engaged in asset management in the largest Russian and international banks.
  • In 2008 he rejoined Troika Dialog (after 2012 known as Sberbank-CIB). As a Vice-President, he led a project to modernize the Russian debt market.
  • He has a degree of the Financial Academy in international economic relations, a diploma from the Moscow Aviation Institute, diplomas from FRB NY and Carnegie Mellon University.
Maria Sklifasovskaia (nee Sazhina) Partner
  • Specialist in infrastructure, operations and customer service. She is engaged in supporting investors during the compliance process, in the development of long-term relationships with partners and financial institutions, and in the registration and creation of the legal structure of the Group's investment funds.
  • She has a master degree in "Financial Economics and Monetary Regulation" from the Financial University under the Government of the Russian Federation.
Sofia Kukhno, ACCA Head of External Relations (Banking and Brokerage); Internal Auditor
  • Specialist in the field of international finance. In charge of international promotion of the Group, creating infrastructure for fund operations in the markets of Europe, Asia and the USA.
  • Worked in financial sector audit at BDO in the UK and in the Digital Banking department at HSBC UK. She has experience of working in a UK IT startup.
  • Graduated from the London School of Economics with a bachelor's degree in Finance; holds ACCA Certificate.
Elena Chirkova, PhD Senior Partner
  • Senior partner at Movchans’ Group, hedge fund GEIST investing in equities. 
  • Specialist in asset management since 2019, corporate finance, financial markets and asset valuation with 30+ years of experience.
  • Formerly: Advisor at Rothschild Investment Bank; Director of Mergers and Acquisitions Practice at Deloitte; Vice President of Investment Banking at Troika Dialog; Visiting scholar at Harvard University School of Economics. 
  • Author of articles and books on economics and finance, including "The Warren Buffett Philosophy of Investment", published in 2015 by McGraw-Hill Education, and "Value Investing. Persons and Principles".
  • Graduated from the Faculty of Economics at the Lomonosov Moscow State University, studied at the Master’s program at the Claremont Graduate School (California, USA). PhD in Economics.
Artem Karlov Partner
  • More than 25 years of experience in the securities market in trading and asset management, including more than 15 years in derivatives and structured products trading.
  • Previously worked at Troika Dialog (after 2012 Sberbank CIB), VTB Capital Investment Management and Aton.
  • Graduate of the Lomonosov Moscow State University Faculty of Mechanics and Mathematics.
Zhadra Abdullina, CAMS Partner
  • A specialist in legal support with 10 years of experience; supports clients during the compliance procedure.
  • In the past, she was the head of operational and legal support in a leading company in Kazakhstan, providing services to the largest foreign oil and gas companies – NCOC, ENI, KPO, Tengizchevroil.
  • She graduated with honours from the KAZGUU University; holds a bachelor’s degree of international law and a master of civil law; qualifications in the field of compliance under the program "Countering the legalisation (laundering) of income".
  • A Certified Anti-Money Laundering Specialist (CAMS). She passed the CAMS exam in February 2023, thereby earning the prestigious ACAMS certification. ACAMS is a globally recognized organization that is dedicated to advancing the profession of AML and financial crime prevention.
Anastasia Ovchinnikova Partner
  • Specialist in business administration and operations management with 18 years of experience.
  • In the past, she headed the business administration department at MDM Bank, subsequently held responsibilities in supporting investment transactions and projects at Morgan Stanley and JP Morgan Chase; project manager in the administration of a subsidiary financial division of one of the largest Russian oil corporations.
  • Graduated from the University of Central Arkansas, USA, has an MBA degree from the Russian Presidential Academy of National Economy.
Rafael Nagapetiants, PhD, Professor Senior Partner
  • Specialist in investment banking with 35 years of experience in the Eastern European markets.
  • In the past, led the corporate finance division at Alfa-Bank; during the restructuring of RAO UES, originated and executed the largest landmark transactions involving such companies as Fortum and Enel. For many years, he served as head of Societe Generale's investment business in Russia and advisor to the largest French firms, as well as Sberbank, Rosatom, Inter RAO. As Senior Vice President and Member of the Management Board of “Sistema” Holding, he was involved in investment origination.
  • Author of a monograph and of more than 50 articles on marketing in the consumer sector.
  • Graduated from the Financial University under the Government of the Russian Federation and the Faculty of Law of the Lomonosov Moscow State University. Ph.D., Professor.
Eugeniu Chirau, CFA Partner
  • Partner at Movchans’ Group, ARGO SP
  • Specialist in macroeconomic research and investment management, with a profound knowledge of fixed income, equity, derivatives, and alternative investments.
  • Held a leading analyst position at Movchan’s Group, overseeing the formation of the Group’s investment products since its inception.
  • Conducts scientific work; wrote numerous articles for economic research institutions and media.
  • CFA chartholder, received a MSc with honors in Strategic Corporate Finance from the Faculty of Economic Sciences of the Higher School of Economics.
Zhansulu Mukhamejanova, ACCA Manager
  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
Dear friends!

We live in difficult times.

Financial markets are moving from a backdrop colored by helicopter money to one of monetary tightening. In the coming years, we expect volatility and large-scale corrections, as well as unpredictable and rapid changes in the quality of issuers and the prices of certain assets.

Simply buying the indexes or the best papers is no longer how you preserve and grow wealth. That era ended long ago, just like that of “semi-active” investments that imitated “alpha strategies” but really just delivered returns just because the markets were rising.

Some managers and investors are struggling to regroup. And far from everyone is in the condition to do so. More and more products that look like pyramids are popping up in the markets, while a rising number of managers are missing the hidden risks to their strategies, creating significant risks for investors.

Market infrastructure is changing as well. KYC requirements are getting tougher. Respected financial institutions are increasingly refusing to serve small clients and residents of “challenging” jurisdictions. The cost of access to the markets is going up, as is the amount of paperwork an investor must navigate to build up a portfolio. Meanwhile, transient political interests are increasingly driving the decisions of financial regulators and providers of investment services. The risks of investing with both global players and small teams have picked up.

If the globalization of the capital markets hasn’t ended, it has definitely run out of gas for the time being. More countries are closing off their markets, making regional investments and transnational operations challenging. Investing in local currencies and local markets is growing increasingly risky regardless of market price dynamics.

How to cope with rapidly changing rules, how do you navigate all the restrictions, bans and demands? How do you guard your investment structure and ensure a reasonable backstop? Where can you find products that can generate stable and fair returns without taking on unwarranted risks in this time of market sea change? How do you ensure the necessary degree of diversification across your investments? These are the questions to which we provide answers for our clients.

The mission of Movchan's Group is to unlock effective global investment while guarding the portfolios of our clients in a wide variety of jurisdictions. Though Movchan’s Group started in 2016, the Group’s partners have been active participants in the global financial markets for 20-30 years and have been recognized as some of the best in their spheres. We have headed up major banks, management companies and family offices in our markets, have developed creative and successful financial products and investment instruments, and have been part of big deals.

The Movchan’s Group team is made up of people from different countries with experience in various emerging and developed markets. The combination of global and local experience makes us effective for both global investors from EM countries and investors from DM countries who want to rely on local expertise and infrastructure.

We have built up vast experience in creating and managing investments and know in-and-out the current legal, tax and technical specifics of the investing process; we have an extensive network of contacts and collaborate with the best administrators, lawyers and consultants; we have built a robust investment infrastructure, with the offices of our licensed companies, our brokers, banks and depositories located in each of the four hemispheres, across Asia, Europe and the Americas; we both run an investment fund network (and even our own investment platform) and manage client accounts and a pooled account.

Our products consistently hit our targets and outperform comparable benchmarks.

Our experience, together with our expertise, infrastructure and reputation in the markets, is a valuable asset that provides protection for our clients' investments from a wide variety of risks and significantly improves investment performance.

As of mid-2023, over 300 investors have trusted us with their savings. We would be honored to help you manage your money.


All content of this site is for informational purposes only and is intended for qualified investors. It is the responsibility of any persons who access the information contained in this website to observe all applicable laws and regulations of any relevant jurisdiction, including any jurisdiction from which they access this website. Accessing this website does not mean that investment products are offered or available in the jurisdiction from which it was accessed. Financial instruments mentioned on this site are only offered or available in jurisdictions in which and to investors to whom such offer or availability is lawful.

The material provided herein does not constitute an offer to sell or a solicitation of an offer to buy any shares in any fund or any other securities.

Prior to investing, investors are strongly urged to review carefully Private Placement Memorandum (including the risk factors described therein), the Offering Supplement and the Subscription Documents, to discuss any prospective investment in the Fund with their legal and tax advisers in order to make an independent determination of the suitability and consequences of an investment.

The information contained in this website, including but not limited to any opinions or forecasts expressed herein, is subject to change at any time without notice. Any research or analysis used to derive, or in relation to, the information has been procured from sources believed to be reliable by Movchan’s Group for its own use. The information is provided on a general basis, without taking into account the investment objectives, financial situation, risk tolerance or particular needs of any specific investor. Hedge fund investments, by their nature, involve a substantial degree of risk, including the risk of total loss of an investor’s capital.

Whilst Movchan’s Group companies believe that the information contained in this website is correct at the date of production, no warranty or representation, whether express or implied, is given to this effect. Movchan’s Group companies are under no duty to update the information, and expressly disclaim liability for any errors or omissions or any loss that may arise from use of or reliance upon the information. The information contained in this website is given without obligation and on the understanding that any person acting upon or in reliance on it, does so entirely at his or her own risk. Any information on past performance is not indicative of future performance. Any projections or other forward-looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results.

If you are in any doubt about any of the contents of this website, you should obtain independent professional advice. Nothing in this website constitutes or provides financial or investment advice to any persons or class of persons.

For U.S.

This Site is not aimed at any US Person (as defined by Regulation of the US Securities Act 1933) and is not for distribution and does not constitute an offer to or solicitation to buy any securities in the USA.

For Switzerland

The offer and marketing of shares of the fund in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in Art. 4(4) of the Swiss Federal Act on Financial Services ("FinSA"), i.e. institutional clients, at the exclusion of professional clients with opting-out pursuant to Art. 5(3) FinSA (“Excluded Qualified Investors”). Accordingly, the funds managed by Movchan’s Group companies have not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA") and no representative or paying agent have been or will be appointed in Switzerland. The content of this site relating to a fund may be made available in Switzerland solely to Qualified Investors, at the exclusion of Excluded Qualified Investors

I certify that I have read the above information and that I am a qualified investor and non-U.S. resident.

Clicking "No" will close this web-site.

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Privacy Policy

Last updated: 13.05.2022

1. Background

Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

We understand that your privacy is important to you and that you care about how your information is used and shared online. This page explains how we treat your personal data (“Privacy Policy”).

By continuing to use our website, you confirm that you are 18 years of age or older. Please note that we may amend this Privacy Policy from time to time. The applicable version is always the current one, as referenced above (last updated). If we decide to change our privacy practices, we will post those changes on this page. Please check this page for changes from time to time to make sure you are aware of our latest privacy practices.

This Policy applies to use of any and all data collected by us in relation to your use of this website. Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Privacy Policy is deemed to occur upon your first use of our website. If you do not accept and agree with this Privacy Policy, you must stop using this website immediately.

As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

Our role includes the obligation to secure that, personal data of yours and of any third parties such as employees, contractors, clients, principals and other individuals and contracting parties related to you, which has come or may come into our possession and which may also contain sensitive data, is processed in accordance with relevant Regulation and/or other laws in force.

2. Information about us

This website, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

3. Scope of Privacy Policy

This Privacy Policy applies only to your use of this website. It does not extend to any websites that are linked to from this website (whether we provide those links or whether they are shared by other users). We have no control over how your data is collected, stored or used by other websites and we advise you to check the privacy policies of any such websites before providing any data to them.

4. Collection of data

Some data will be collected automatically by this website (for further details, please see section 7 on use of Cookies), other data will only be collected if you voluntarily submit it, for example, when signing up for our mailing list or filling up the contact form. Depending upon your use of this website, we may collect some or all of the following data:

  • your full name;
  • IP address (automatically collected);
  • operating system (automatically collected);
  • contact information such as email addresses and telephone numbers;
  • country of residence;
  • demographic information such as location, age, gender, preferences and interests (automatically collected);
  • web browser type and version (automatically collected);
  • a list of URLs starting with a referring site, your activity on this website, and the site you exit to (automatically collected);

5. How do we use your data?

We use your data to provide the best possible experience of using this website and communication with us. This includes:

  • Providing and managing your access to this website;
  • Responding to communications from you;
  • To use it for marketing measures. Supplying you with email alerts, newsletters and announcements that you have subscribed to automatically by providing us with your details (you may unsubscribe or opt-out at any time by clicking the “Unsubscribe” button at the bottom of any email);
  • Develop new products, services, features, and functionality;
  • Market and customer research;
  • Analysing your use of this website and gathering feedback to enable us to continually improve this website and your user experience;
  • To facilitate technical administration of this website;

With your permission and where permitted by law, we may use your data for marketing purposes which may include contacting you by email and telephone and text message and post with information, news on our products and services. We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that we fully protect your rights and comply with Our obligations under the EU General Data Protection Regulation 2016/679 (GDPR).

6. Security measures

We make every effort to take appropriate technical and organizational security measures to ensure that your personal data protected against unauthorized access, misuse, loss and/or destruction.

Our employees and the service providers commissioned by us are bound by professional secrecy and must comply with all data protection provisions.

Additionally, access to personal data is restricted to only those employees, contractors and third parties who require this access in order to assure the purpose of data processing and the provision of products and services.

Steps We take to secure and protect your data include:

  • Strong 2048-Bit SSL Extended Validation Certificate Encryption by Comodo.
  • We use Alphabet’s (Google) email services, which are highly secure.
  • We follow strict internal procedures when handling any sensitive data.

Notwithstanding the security measures that we take, it is important to remember that the transmission of data via the internet may not be completely secure and that you are advised to take suitable precautions when transmitting to us data via the internet.

7. Cookies

Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by us and are used only by us. We use Cookies to facilitate and improve your experience of this website and to improve our products and services. By using this website, you may also receive certain third-party Cookies on your computer or device. Third party Cookies are those placed by websites, services, and/or parties other than us. We use third party Cookies on this website for online marketing and advertising services. In addition, this website uses analytics services provided by Google Analytics, Yandex Metrics etc. which also use Cookies. Website analytics refers to a set of tools used to collect and analyze usage statistics, enabling us to better understand how people use this website.

“Cookies” are small pieces of information that are transferred to your browser and stored on your computer’s hard drive. Cookies also allow us to track usage patterns, trends and other aggregate visitor information. Most web browsers automatically accept cookies, but you can usually change your browser settings to prevent that if you would rather not store the information for future use. We may also collect certain technical and routing information about your computer to facilitate your use of the site and its services (such as browser type, operating system and the Internet Protocol (“IP”) address of your computer). Without expressly informing you in each particular instance, we do not match such information with any of your personal information.

If you disagree with us using cookies, please leave this website.

8. Links

This website may contain links to third-party electronic services that are not operated or monitored by us. Please be aware that such third-party electronic services are not bound by this Privacy Policy and that we are not responsible for their content or their principles regarding the handling of personal data. We therefore recommend consulting and checking the individual privacy policies or terms of use of third-party electronic services.

9. Data subject rights

According to applicable data protection laws and regulations, you may have the following rights:

  • requesting information on personal data that we hold about you,
  • asking that your data be deleted if we are not permitted or are not legally obliged to retain the data,
  • demanding that the processing of your data be restricted,
  • objecting to the processing by us,
  • transferred in a generally useable, machine-readable, and standardized format.

You also have a right of appeal (as far as this affects you) to the respective Data Protection Supervisory Authority.

As a data subject you may address any concern of yours on a matter relating to your data protection rights to the company’s Data Protection Officer below.

Data Protection Officer (DPO): Zhadra Abdullina (

10. Do we share your data?

We may share your data within companies in our group.

We may sometimes contract with third parties to supply services to you on our behalf. These may include payment processing, search engine facilities, advertising and marketing. In some cases, the third parties may require access to some or all of your data. Where any of your data is required for such a purpose, we will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, our obligations, and the obligations of the third party under the law.

We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales and other information. All such data will be anonymised and will not include any personally identifying information. We may from time to time share such data with third parties such as prospective investors, affiliates, partners and advertisers. Data will only be shared and used within the bounds of the law.

In certain circumstances we may be legally required to share certain data held by us, which may include your personal information, for example, where we are involved in legal proceedings, where we are complying with the requirements of legislation, a court order, or a governmental authority. We do not require any further consent from you in order to share your data in such circumstances and will comply as required with any legally binding request that is made of us.

Terms Of Use

1. Agreement

By using the website and any of its pages (hereafter the “website”), you confirm that you have reviewed, understand and agree to the following important legal information and terms of use (the “Terms”). If you do not agree to the terms, please exit the website immediately.

The Terms are subject to change at any time without notice and access to, and use of the website may be restricted or terminated at any time. You are therefore advised to review these Terms each time you access this website.

2. No offer, no advice

The information, products, data, services, tools and documents contained or described on this website are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to affect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

3. Local legal restrictions

The Content is not intended for use by or distribution to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Movchan’s Group companies does not hold the necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the site.

Some entities, services and products of Movchan’s Group may not be registered or licensed under legal and regulatory provisions governing financial services or products and their providers in certain countries.

4. No warranty

Movchan’s Group provides no warranty and makes no representations of any kind whatsoever regarding: (1) the currency, accuracy or completeness of the content; (2) the results to be obtained by any user of the website; or (3) any third-party content accessible on or through the website.

Except to the extent required by current laws and/or regulations, Movchan’s Group, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the website, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the website, the servers from which it is available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.

Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through this website, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.

The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

5. No liability



6. Third-party content

Statements on this website may contain information obtained from third parties, including ratings from rating agencies and research from research providers etc. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings or research, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings or research. Credit and/or research ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

7. Performance

The past is not an indication of the future performance of an investment. The value of investments may be subject to fluctuations and investors may not get back the amount invested. Changes in rates of foreign exchange may also cause the value of investments to go up or down.

8. Links to third-party websites

Links to third-party websites on this website are provided solely for your convenience as pointers to information on topics that may be useful to users of this website. Movchan’s Group has no control over the content on such third-party websites. Activating some links to third-party websites on this website may cause you to leave this website. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Movchan’s Group warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.

Using links to third-party websites provided on this Site is at your sole discretion and at your own risk.

Please note that third-party websites are not subject to Movchan’s Group data protection policy and Movchan’s Group is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it in order to check how it protects your personal data and privacy.

9. Data processing

For information on the kind of data collected, the purpose for which it is collected, how it is processed, to whom it may be disclosed and the security measures that have been put in place to protect it, please consult the Movchan’s Group Data Privacy Policy.

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