Why does Troika keep hiring non-Russians into senior positions?

It's done it again. Fresh from hiring the South African Rob Leith as head of investment banking and global markets, Troika has appointed the Cambridge University-educated British national Andy Smith as head of equity research. This follows its appointment of the American Todd Berman as head of investment banking last September. In the past six months, it's also appointed Dirk Werner, Angelo Morganti, Chris Weafer, Olga Klimova, James Corrigan and Maxim Safonov, Anton Malkov into more or less senior positions.

Of 10 hires, that makes only three Russians.

Why is this? It's partly because Troika is seeking to expand its international presence. However, many of the new international hires will be based in Moscow, where Russian staff would surely be equally as effective. Recruiters point to a shortage of homegrown Russian talent.

The real cause, however, may be more invidious. One senior Russian banker tells us Russian banks tend to be over-reliant on hiring in, 'big men' from overseas. It makes it easier to blame them when things go wrong, he argues.