Board of Directors

Charles Ryan – Non-Executive Chairman

Charles Ryan is a graduate of Harvard University. He was an Associate and Principal Banker with the European Bank for Reconstruction and Development in London, before becoming a founder director of UFG. After UFG sold its investment banking business to Deutsche Bank in 2006, he spent two years as Chief Country Officer and Chief Executive Officer of Deutsche Bank in Russia, stepping down in October 2008 to become Chairman of UFG Asset Management.

He is also a general partner with Almaz Capital and a director of PGI Group plc, Yandex N.V., Limitless Mobile Limited, Preferred Sands, Acumatica and serves on the Harvard Global Advisory Council and Capital International Inc. Advisory Board. 

Alexander Dorogov – Chief Executive Officer

Alexander Dorogov graduated from the State Finance Academy in Moscow with a degree in financial management. Alexander was appointed as Chief Executive Officer in July 2018, having held the appointment of Chief Financial Officer. He joined the board  of Trans-Siberian Gold plc in December 2017. Prior to joining Trans-Siberian Gold Management LLC in November 2008, he was Chief Financial Officer of the Alumina division of UC Rusal from 2005 to 2008. From 2009 till 2014 he also held positions of deputy CEO and CFO of Ferroalloys division of Mechel. Between 2001 and 2005 he held various senior positions with a private investment fund, supervising the acquisition of gold mines in Siberia and Far East Russia, and previously spent five years with United Financial Group.


Robert Sasson – Non-Executive Director

Robert Sasson graduated from Exeter University with a degree in Russian Studies and International Government. He worked for Phibro Salomon before serving as the head of the St Petersburg office of the European Bank for Reconstruction and Development from 1993.

Prior to joining UFG Asset Management in 2009, he spent three years with a leading US hedge fund on private equity transactions in Russia and Ukraine.

Eugene Antonov - Chief Operating Officer - TSGM

Mr. Antonov has more than 20 years of experience in the mining industry, mainly in managerial positions with responsibility for mine site operations and finance. In his previous appointments, he has established a track record of leading change, financial management and harnessing technology to drive operational efficiencies. Most recently he was an integral part of the leadership team at the Kupol Mine in Far East Russia which generated the largest annual cash flow and achieved the lowest operating cost across Kinross Gold Corporation (“Kinross”).

Prior to joining TSGM, Mr. Antonov spent 11 years at Kinross where latterly he was a Director of Commercial and Supply Chain Management Operations. He was responsible for directing the implementation of policies and procedures for adherence to Kinross’s and regulatory standards incorporating CSR, HR, life of mine plans, strategic business plans and annual budgets as well as the coordination of in-country logistical, operational and informational requirements. Between 1999 and 2007, he was employed at Bema Gold Corporation in Canada in various executive finance roles, including Director of Finance, until its acquisition by Kinross. His previous experience includes managerial positions at Teck in Canada.

Mr. Antonov, is a graduate of Pace University in New York and holds a MBA awarded by the Rotman School of Management in Toronto. Mr Antonov is also a member of the Chartered Professional Accountants in Canada.

Florian Fenner – Non-Executive Director

Florian Fenner joined UFG Asset Management as Managing Partner in July 2002. In addition to his role as Managing Partner, Mr. Fenner is also responsible for the overall management of UFG's public markets funds business.

Prior to joining UFG, from 2000 to 2002, he was the Head of Unifund’s Moscow office with responsibility for its Russia portfolio. From 1996, Mr. Fenner served as the Deputy Head of Research at Brunswick Brokerage, one of Russia’s leading investment banks and, in 1997, he became the Russian Equity Portfolio Manager for Brunswick Capital Management.

Before joining Brunswick Brokerage, he worked as an investment banker for Schroder Munchmeyer Hengst Co. in their Frankfurt office. Mr. Fenner is a CFA charterholder and holds a degree in banking from Industrie- und Handelskammer in Frankfurt-am-Main.

Lou Naumovski – Non-Executive Director

Mr. Naumovski has more than three decades of experience working in Russia, most recently as Vice President and General Director of the Moscow office for Kinross Gold Corporation ("Kinross"), the largest Canadian investor in Russia. He also developed the business of Visa International, serving as Senior Vice President and General Manager Visa International Service Organisation (VISA), CEMEA region.

Additionally, he served as Senior Banker and Head of Mission for the Russian Team of the European Bank of Reconstruction and Development ("EBRD" or the "Bank") in Moscow. While at EBRD, the Bank undertook more than half a billion dollars in financing of various projects, and he represented the Bank when the Russian Prime Minister's Foreign Investment Advisory Council was first founded.

Mr. Naumovski has a BA (Honours) in Economics and Political Science from the University of Toronto and an MA in International Relations (specialised in Russian / Soviet affairs) from the Norman Patterson School of International Affairs at Carleton University in Ottawa, Canada.

Stewart Dickson – Non-Executive Director

Stewart Dickson has significant corporate and commercial experience across the natural resources and financial services sectors. He currently serves as Chief Executive Officer of ASX listed Variscan Mines Limited, Non-Executive Director of AIM listed Trans-Siberian Gold plc and consults to the leadership teams of a number of companies globally.

He has a broad range of experience as an investment banker, advising small and mid-sized companies at Board level on financial advisory, corporate strategy, equity capital markets, financings, M&A, corporate governance and regulatory compliance. His prior appointment was Managing Director and Head of Metals & Mining at Cantor Fitzgerald Europe, based in London with responsibility for client coverage of public and private mining companies. He was approved by the London Stock Exchange as a Qualified Executive / Nominated Adviser for 8 years, with responsibility for being the principal point of contact for AIM-listed clients with regard to the AIM Rules on a transactional and ongoing basis. Prior to investment banking, Mr. Dickson served in the British Army. Stewart is a graduate of University College London and holds a MBA from Henley Business School.


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