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. Last Updated: 07/27/2016

Ex-AIOC Head Starts New Company

Victor Huaco, former president of AIOC Capital, has set up a new company, Orion Capital Advisors Limited, according to an Orion Capital statement released Thursday.

The company is registered in the Cayman Islands and has offices in Moscow and New York, it said.

AIOC Capital has been searching for a new partner since its parent company, New-York based American International Ore Corp., or AIOC, ran into financial difficulties.

Industry sources have said an announcement about the firm's future is pending, but so far no information has been released.

It was unclear from the press release what will become of AIOC Capital, but staff at AIOC Capital's Moscow office answered the telephone Thursday saying, "Orion Capital."

A company representative declined to comment, while nobody was available for comment at AIOC in New York.

Orion Capital will concentrate in Russia and other CIS countries on fund management and advisory and trading services for large institutional clients, but initially will focus on domestic and offshore fixed income and money markets, the press release said.

Huaco has retained the core execution and back office team from AIOC Capital and has brought on Kyle Brandon, formerly the emerging markets analyst and trader at Falcon Investment Management, a U.S. hedge fund manager, it said.

A number of AIOC Capital employees have left the firm in recent months. Huaco has been investing and trading in Russia since late 1991.