Moscow-based emerging markets-focused investment manager Balchug Capital has set up a new office in Yerevan, the capital of Armenia.

Balchug founder and CEO David Amaryan said: “I am of Armenian heritage and take a strong interest in the economic and capital markets development of my home country”.

“With the new government in place, we think there are strong investment opportunities there that those not familiar with the region might miss, and we also wish to support the development of the investment management industry in the country”, he added.

Vachik Gevorgyan will lead the new branch. Formerly, he worked at the Central Bank of Armenia, Araratbank and Nasdaq OMX Armenia.