In an email, Mr. Tenenbaum said he had recently stepped down as director of Matterhorn and Bradfield. He added: “The matter is with the lawyers. So I can’t comment.”
Last week, the authorities in the Cayman Islands, a British territory in the Caribbean, said financial service providers there had frozen $7.3 billion in assets belonging to Russians who had sanctions imposed on them.
Cayman officials did not disclose to whom those assets belonged, but the islands long have been a hub of operations for offshore funds managed by U.S. hedge funds and private equity firms. Mr. Abramovich is believed to have invested several billion dollars in hedge funds and real-estate-oriented private firms in the United States, The New York Times has reported.
Concord Management, a small investment advisory firm in Tarrytown, N.Y., played a key role in arranging Mr. Abramovich’s hedge fund and private equity investments. The firm said, however, that it recommended funds but did not directly manage money for clients. It is believed that Concord, over the past two decades, helped arrange investments for Mr. Abramovich in dozens of hedge funds and real-estate-oriented private equity firms.
The Russia-Ukraine War and the Global Economy
The financial pressure being exerted on him, however, is not coming from officials in the United States. Although British officials have imposed sanctions on Mr. Abramovich, the United States has not, in part because he has served as an intermediary in negotiations between Ukraine and Russia. The actions in Jersey and the Cayman Islands — both British territories — reflect the significant role such localities play in the management of oligarchs’ fortunes.
Matterhorn Capital has been linked to Mr. Abramovich for about two decades, with a corporate structure indicative of the daisy chain of shell companies that wealthy Russians have used to mask their ownership and complicate efforts by authorities to track down their assets.
Originally incorporated in the Cayman Islands in 1999, Matterhorn was reincorporated in the British Virgin Islands in 2002. A year ago, Matterhorn was moved again and incorporated in Jersey. Records there show that along with Mr. Tenenbaum, two officials from Zedra, a global corporate services firm, also served as directors of Matterhorn. A spokesman for Zedra, which has an office in Jersey, declined to comment.
