Troika Dialog, one of Russia’s largest private banking and wealth management firms, plans to grow its assets under management by tenfold in the next five years in light of the continuing growth among the middle class and foreign investors, Bloomberg reports.

In terms of size, the firm sees a fundamental change in the asset management and private banking market in the next five years, according to the publication, which cited Jacques Der Megreditchian, Troika’s chief business officer.

Der Megreditchian reportedly said that Troika, which currently has $3 billion in assets under management, aims to have $30 billion in three to five years.

The asset management arm of Troika, which mainly focuses on domestic institutional and private investors, is planning its expansion as a result of more Russians investing in financial markets. The firm also seeks to attract more assets from overseas investors, targeting institutions at first, said Der Megreditchian.

Troika Dialog is also on the hunt for a specialist to head its private banking business: the hiring process is in a full swing and will be completed at the end of this month, said Der Megreditchian, declining to name the person in question.

At the time of publication Trioka Dialog had not responded to WealthBriefing’s enquires on the matter.