Alexey Mordashov’s children are quickly climbing the ranks of the world’s wealthiest, even as one of them just emerged from his teens.
The key goals are to maintain the continuity of generations and bring Kirill and Nikita up to date and help them to get experience managing the portfolio, said a spokeswoman for Mordashov.
The ultra-wealthy globally are preparing to embark on the largest wealth transfer in history as a cohort of self-made titans and those lucky enough to inherit fortunes ages. Russia stands out though because the country’s legal framework offers little support to those seeking to pass down businesses. Instead, its business environment depends on informal agreements and guarantees.
In 2010, David Iakobachvili and three partners sold a majority stake in juice producer Wimm-Bill-Dann Foods to PepsiCo for $3.8 billion. His son, Mikhail, 26, returned to Moscow after graduating from New York University in 2014 and now supervises family investments in new technologies such as blockchain and cryptocurrencies.
“He’s gradually been getting involved in the business,” said the elder Iakobachvili.
Read the original article here.