Russian-Armenian businessman Ruben Vardanyan (Source: Aravot)

MOSCOW (ARKA)—Russian-Armenian businessman and philanthropist Ruben Vardanyan is launching a new company that will see him administering the wealth of businessmen, their heirs, and successors in Russia, Forbes.ru reports.

According to a study by the Skolkovo Moscow Management School, the average age of wealthy Russian businessmen is 48. For Vardanyan, that means they will need wealth and business management services in 10-20 years.

“It is not only about tycoons, but also for mid-level businessmen, tens of thousands of people,” Vardanyan told Forbes.

Earlier this summer, Vardanyan opened the Phoenix Advisors Company as an addition to his “family office.” According to Forbes, asset protection is an important part of the new business.

With this new business venture, an individual “protector” will represent the interests of heirs in family business, including companies, trusts, and other funds. Vardanyan has said that the service aims to represent the interests of families, their businesses assets, and future heirs. Vardanyan has previous experience working with heirs’ assets.

According to Forbes, what makes Vardanyan’s new business special is the high level of trust between the “protector” and the owner. Accordingly, the “protector” is an independent person who serves as the agent of beneficiaries’ interests, and holds certain veto rights and other powers in decision-making processes, partner of UFG Wealth Management Dmitry Klenov said.

Klenov said that Vardanyan is a renowned financial specialist with a good reputation, which is why his “protectors” will appeal to businessmen who trust him. Klenov recommended using a legal entity as a “protector.”

Within the structure of the business, Phoenix Advisors will help businessmen develop strategies for their assets and possible successors. The company will be able to offer its own co-manager in client companies, if the client chooses. According to Forbes, the company is ready to attract major international houses, like the Rothschild family or Swiss bankers.

If the mechanism of the business is clearly defined, heirs will not have to wait long before making asset transfers, and Vardanyan’s representatives will have the chance to access management boards or other bodies quickly in order to protect the interests of successors, Forbes reports.

Payment for Vardanyan’s services may include both commission fees for administration and a subscription fee.