A secretive U.S-based financial manager who handled over $7 billion in investments for sanctioned-Russian billionaire Roman Abramovich, has been charged by the Securities and Exchange Commission with failing to properly register with the regulatory agency.
The SEC complaint doesn’t directly name Abramovich but describes him as a “wealthy former Russian official widely regarded as having political connections to the Russian Federation,” who had $7 billion in assets frozen in April 2022 by the Royal Court of Jersey. In March of 2022, the New York Times reported that Concord had operated as a money manager for Abramovich and other wealthy Russians. The SEC complaint stated that Concord had only one client, and raked in over $80 million in fees for managing $7.2 billion of his investments in various hedge funds and private equity funds in the U.S. and elsewhere.
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