Hermitage Capital Management Limited, the advisor to the largest Russia-dedicated fund -- Hermitage Fund.
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William F. Browder
Chief Executive Officer

William Browder is the Founder and CEO of Hermitage Capital Management, the premier investment advisory firm specializing in Russian equities. The firm’s clients include high net worth individuals and major financial institutions. Hermitage Capital Management currently has around $3.3 billion invested in Russia.

Mr. Browder started Hermitage Capital Management in 1996 in partnership with the late Edmond Safra. Under Mr. Browder’s leadership, the Hermitage Fund has produced total shareholder returns of 2,549%, compared to 1,417% for the CSFB ROS Index. Among other awards, it has been ranked the World’s Best Performing Emerging Markets Fund over a five-year period by Nelsons (1996-2001).

Mr. Browder is a leading shareholder rights activist and outspoken fighter for better corporate governance in Russia. He has been credited with a number of breakthroughs in improving corporate standards at major Russian companies, including Unified Energy Systems, Sberbank and Gazprom. He also spearheaded radical changes in Russian corporate law, including the creation of pre-emptive rights for all minority shareholders in Russian companies as well as the introduction of cumulative voting for director elections.

He serves as Chairman of the Russia Task Force for the Institute of International Finance and is a member of the OECD/World Bank Roundtable on Corporate Governance in Russia. Mr. Browder was named a Henry Crown Fellow at the Aspen Institute, received a 2004 Industry Achievement Award by Global Fund Analysis and was named a 2005 “Person to Watch” by the Financial News. Mr. Browder was also named a Young Global Leader by the World Economic Forum in Davos in 2005.

Prior to starting Hermitage, Mr. Browder was Vice President at Salomon Brothers where he managed the firm’s proprietary investments in Russia. Before that, he was management consultant with the Eastern European practice of the Boston Consulting Group in London. He received an MBA from Stanford Business School and a BA in Economics with highest honors from the University of Chicago.

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William Browder Receives International Industry Achievement Award
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