The recently established multi-boutique Northern Star Group has hired Maxim Achkasov, formerly a senior advisor at the asset management arm of Finnish banking co-operative Osuuspankki Pohjola, to head its UCITS-compliant long-only Russian equity fund.

While at Pohjola the Russian equity specialist was a senior advisor to the firm’s OP Russia fund and saw its assets rise from around €150 million ($216.1 million) to €559 million between May 2008 and March of this year.

The OP Russia fund was named the second best performing dedicated Russian equity fund globally over one and two years in 2010. During a two year period ending in December 2010, it returned 298.6 per cent in euro terms while the benchmark, RTS index rose by 194.7 per cent.

Achkasov has also been appointed the firm’s head of investment management for Russia and will be based in Moscow.

The Northern Star Russia fund has a cap of €1 billion; so far, the firm has commitments of approximately €30 million, mostly from Scandinavian institutions.