Penrose Financial has been appointed to raise the profile of East Capital, an asset management firm headquartered in Stockholm.
The City agency has been asked to 'build a London-based international media platform' for East Capital, which manages more than £3.5bn in both public and private equity. East Capital is focusing on the emerging financial powerhouse Russia, although its investments span 29 countries. The firm has offices across Europe and Asia, including Moscow, Tallinn, Oslo and Hong Kong.
The PR team at Penrose Financial will report to East Capital head of comms Vesna Lucca, who said the appointment stemmed from investor appetite in Eastern Europe. 'We needed a PR adviser who could position us effectively,' said Lucca. As well as promoting the outfit to sector media, Penrose will increase awareness of East Capital's services among target investors. East Capital this week launched a property fund to invest in shopping centres and retail real estate in Russia, the Ukraine and Kazakhstan.
This is the second high profile asset management brief for Penrose in recent weeks. The agency was handed a lucrative brief for Newton Investment Management, a subsidiary of Bank of New York Mellon Asset Management (PRWeek, 15 May). Newton Investment Management has been managing investments on behalf of individual investors and institutions since 1978 and manages in excess of £38bn.
The agency recently hired BlueChip Communication Group consultant Lauren Stewart-Hamilton to boost its asset management team. (PRWeek, 18 March).