Nikolay Karpenko: Executive at Herculis Group in a European Financial Hub

Nikolay Karpenko, a Swiss-based financial executive [1], has firmly established himself in the Western business world over the past decade and a half. After concluding his business activities in Russia in 2010, Karpenko Nikolay shifted his focus entirely to Switzerland and the broader European market. His educational background includes an Executive MBA and a diploma in international trust management from respected Western institutions, which helped nourish his commitment to Western financial practices and standards.

Contents

• Brief Overview of His Activities
• Karpenko Nikolay: On the Road to Legal Work

∙      Career Development with an Investment Company and Bank

∙      Karpenko Nikolay Viktorovich: Towards the Founding of His Own Company

∙      The Diversified Herculis Group

∙      Nikolay Viktorovich Karpenko: Services as a Certified Trustee

Brief Overview of His Activities

As the founder and managing partner of Herculis Group, Karpenko Nikolay Viktorovich oversees a diverse range of financial services catering to European and international clientele. The Group’s offerings span:

• portfolio asset management
• fiduciary services
• secure storage solutions
• investment fund management

Furthermore, in his capacity as a trustee, Nikolay Viktorovich Karpenko plays a crucial role in managing complex financial structures for high-net-worth individuals. The financier has worked since 2010 to establish a strong presence in the Western European financial sector for himself and the company he co-founded.

Beginning in 1994, the career trajectory of Nikolay Karpenko has spanned more than two decades, characterized by a steady rise through the financial sector. Beginning his career in technical roles, Nikolay Viktorovich Karpenko transitioned to law, joining the Young Lawyers Union of the Russian Federation as his first role. His proficiency in legal and financial matters led to positions at NikOil Investment Company and Rodina Joint Stock Commercial Bank. At NikOil Investment Banking Group, Karpenko Nikolay progressed from lawyer to Senior Vice President, demonstrating his aptitude for private banking and tax consulting. The Nikolay Karpenko biography reached new heights at Bank Uralsib, where he served as Executive Director and Board member. This extensive experience, coupled with his educational background, culminated in the establishment of his own venture in Switzerland in 2009, marking a significant westward shift in his professional focus.

Karpenko Nikolay: On the Road to Legal Work

Though today he is the managing partner of an established finance management company with a formative resume under his belt, Nikolay Viktorovich Karpenko comes from modest origins. Beginning in the spring of 1972, in the Murmansk Region, the Nikolay Karpenko biography was that of a typical middle-class son. His father, a retired officer turned engineer, and his mother, an accountant, provided a stable upbringing. The Arctic environment of Severomorsk, with its prolonged winters and proximity to the Kola Bay, formed the backdrop of Nikolay Karpenko’s early years, a setting markedly different from the financial hubs where he would later build his career.

As a middle schooler in the 1980s, Nikolay Karpenko was already thinking about where his career might take him someday, focusing his aspirations on the Moscow State Institute of International Relations (MGIMO). Karpenko Nikolay Viktorovich’s interest in diplomacy and international relations prompted him to conduct extensive research on the Institute, utilizing the limited resources available in the pre-internet era. During a school trip to the capital in ninth grade, Nikolay Viktorovich Karpenko took the opportunity to visit the MGIMO campus, solidifying his ambition to study there. The prospect of a diplomatic career, with its promise of international engagement and societal prestige was appealing for the development of the Nikolay Karpenko biography.

In 1989, Karpenko Nikolay graduated from high school. Considering his good grades, he felt confident that he would pass the MGIMO entrance exams. However, the Institute’s standards proved to be quite high, and the future founder of Herculis Partners SA fell short of the required marks. He spent the next year working as a TV repairman and taking correspondence preparation courses for the next round of exams. Though he performed better the second time around, Karpenko Nikolay Viktorovich still was not accepted into the school, and he began to consider other options.

Thus, in 1991, Nikolay Viktorovich Karpenko began a law program at another University in the capital. He graduated with distinction in 1996. During his third year of studies, he joined the Young Lawyers Union, a nationwide non-profit organization, where he worked as assistant to the financial director. This role offered Nikolay Karpenko valuable exposure to court proceedings and arbitration processes, complementing his academic pursuits and prompted him to expand his knowledge base, delving into international economics, monetary relations, and banking intricacies. This practical experience proved instrumental in shaping the Nikolay Karpenko biography in the financial sector.

In the spring of 1996, just months before graduating with a law degree, Nikolay Viktorovich Karpenko began working as a lawyer at Stins Coman Corporation, a provider of systems integration services. The first half of his days was taken up by his studies, but in the afternoon, he would head off to the office. Karpenko Nikolay remained with Stins Coman until August 1997, before moving on to another opportunity where he could work with and learn from a team of accomplished lawyers.

Career Development with an Investment Company and Bank

In September 1997, a month after leaving Stins Coman, Nikolay Karpenko began working with a group of lawyers in the foreign operations division of NikOil, an investment company founded a year prior. Nikolay Karpenko’s role as a junior lawyer, which he held for two years, expanded his global perspective. His responsibilities encompassed managing foreign subsidiaries, liaising with international professionals, and navigating complex tax regulations across multiple jurisdictions, including Russia, Cyprus, Switzerland, and the Netherlands. This work involved a wide range of corporate and regulatory tasks, from document management to tax registration and banking operations. Through these diverse international interactions, Karpenko Nikolay Viktorovich gained valuable experience in cross-border business operations, setting the stage for his future career move to Europe.

In 1999, receiving a new offer to further develop his professional biography, Nikolay Karpenko began working as an internal lawyer for a private bank that was established as a separate structure within NikOil. There, he focused on the complex taxation issues faced by a new class of wealthy clients. These individuals required expert guidance to navigate the evolving tax legislation coming out of the country’s transforming economic reforms. Nikolay Karpenko emphasizes that this was the case particularly in light of the expense control measures introduced under Boris Yeltsin’s administration.

It was during this period that Nikolay Viktorovich Karpenko first began providing trustee services, which would later occupy a central role in his career.

By 2000, he was singled out as the number one employee of the NikOil Investment Banking Group and appointed head of the bank’s tax consultancy office. This trajectory continued as he became Vice President in early 2001. He began directly managing client relationships, and in 2003, Karpenko Nikolay was placed in control of a high-net-worth client portfolio as Senior Vice President. As the head of a team of 15 specialists, he was given an expanded set of responsibilities, including overseeing sales targets, client services, partnership development, staff training, quality control, and product range expansion. This was a significant shift in the Nikolay Karpenko biography, moving from a primarily legal focus to a comprehensive management role in private banking business.

Concurrent with his initial years at NikOil, Karpenko Nikolay Viktorovich also earned a PhD in Political Sciences from the internationally oriented Moscow State University.

In 2005, Nikolay Karpenko transitioned to the role of Director and Head of Front Offices when NikOil’s private banking division was integrated into Uralsib management company. This strategic move positioned the bank as a significant player in stock market trading [2]. Karpenko Nikolay’s responsibilities expanded to include strategic planning, client acquisition and service, sales plan implementation, partnership development, and product range expansion. By 2006-2007, Uralsib Management Company was reporting four billions of dollars in assets under management.

Karpenko Nikolay Viktorovich: Towards the Founding of His Own Company

In the spring of 2006, Karpenko Nikolay Viktorovich was appointed the top executive of the private bank. As he recalls, he had already been thinking for some time about the possibility of opening a Swiss management company, thinking over business strategies and how to structure trust management portfolios. However, he knew this venture would not be possible within the structure of NikOil/Uralsib.

Then, in late 2007, while still serving as CEO at Uralsib, he decided to pursue international education as an important step in his shift to Western financial markets. After personally visiting its Dubai campus, Nikolay Karpenko was accepted into London Business School’s Executive MBA program for the fall 2008 term. Students attended lectures and seminars for one week each month, followed by three weeks of independent study. During this time, they completed assignments, wrote papers, and prepared for examinations held at the end of each cycle. The two-year course was a transformative experience for Karpenko Nikolay Viktorovich, helping him adapt to Western standards and expectations. The challenge of learning English and navigating a completely new academic environment enhanced his ability to process large volumes of information, preparing him to excel in any international banking institution.

In the late 2000s, thanks to his studies at the renowned Western institution, the desire to move to Europe and establish his own management company ripened for Karpenko Nikolay. Thus, in late 2009, he and a Swiss partner formally established Herculis Partners SA. After receiving his business school diploma in the summer of 2010, he promptly resigned from his position with the Bank Uralsib and began devoting all his efforts to his new venture in Switzerland. 

The first Herculis Partners office was opened in Porrentruy. Over the ensuing decade, the company developed into a Group format, with more than a dozen employees offering a broad array of services to an international client pool. It has even branched out into the neighboring cantons and state, with a total of five offices, in:

• Porrentruy
• Zurich
• Geneva 
• Lugano
• Vaduz, Liechtenstein 

Nikolay Karpenko explains that he chose Switzerland for his asset management and alternative investment firm due to the country’s long history of neutrality and financial stability. Since gaining independence in 1815, the country has enjoyed over 200 years of peace, accumulating significant wealth. Historically, Switzerland benefited from the instability of its neighbors, attracting bankers and skilled craftsmen during times of conflict, such as the Protestant persecutions and Germany’s 1933 financial crackdowns. And as Karpenko Nikolay noticed, even after the decline of banking secrecy in 2008, Switzerland remained a favored destination for wealth management as global financial standards and tax transparency equalized, leading Europeans to return back to Swiss financial services.

The Diversified Herculis Group

Since ending all business ties with Russia in 2010, Nikolay Viktorovich Karpenko has given all his attention to developing Herculis Group, which today includes four main directions: Herculis Partners SA (established in 2009), Herculis Fiduciaries AG (established in 2014), Herculis Guardians SA (founded in 2016), and Herculis Advisers (founded in 2022). The Group, with Karpenko Nikolay Viktorovich as managing partner, is thus a diversified financial services company that specializes in asset management, fiduciary and accounting services, legal and migration solutions, and investments in alternative assets such as gold, precious stones, and art. The company also, guided by Karpenko Nikolay, manages investment funds and develops exchange-traded instruments, providing a comprehensive range of services to both domestic and international clients.

Karpenko Nikolay Viktorovich explains that the structure of Herculis Group allows each division to operate independently while offering a full spectrum of services to meet diverse client needs. This business model ensures financial stability and flexibility, enabling the company to serve clients with varying requirements, from legal assistance to asset management or secure storage solutions. Wealthy European individuals and international entrepreneurs, often seeking assistance with inheritance planning, form a significant part of the client base. According to Nikolay Viktorovich Karpenko, inheritance issues remain a primary concern for new clients, driving demand for the Group’s comprehensive financial and legal services.

Nikolay Viktorovich Karpenko: Services as a Certified Trustee

For four years in the mid-2010s, the financier pursued what would become an important part of his Western European biography. Nikolay Karpenko pursued studies at the Society of Trust and Estate Practitioners (STEP) in Geneva, Switzerland, an organization with over 20,000 members across more than 100 branches in dozens of countries. STEP offers a range of qualifications, and Nikolay Viktorovich Karpenko earned a diploma with honors in international trust management. As a full member of STEP, he holds the respected TEP designation, indicating his formation in trust and estate management. 

As a trustee, Nikolay Viktorovich Karpenko plays a crucial role in managing assets in trust on behalf of beneficiaries. While he legally holds ownership of the assets/shares, his responsibility is to act solely in the beneficiaries’ interests, ensuring that the assets are managed and maintained according to their needs. Karpenko Nikolay Viktorovich’s position as a trustee requires a high level of fiduciary responsibility, ensuring transparency and protecting the assets under his care without personally profiting from them. Karpenko Nikolay has been fulfilling this role alongside other Herculis Group services across multiple jurisdictions, representing the interests of its clients for many years.Despite Herculis’ great success and ability to continue growing in terms of size, Karpenko Nikolay Viktorovich says that he has no plans for scaling the company [3]. He explains that he is pleased with what has built since he relocated to Switzerland in 2010, noting that the small-business format is better suited for giving every client the attention and care they need. Thus, speaking of the future of his biography, Nikolay Karpenko intends to continue living and working in Europe for years to come.

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