Unlike Europe and the US, where the investment industry has been around for hundreds of years, Russia was introduced to this business only in the early 1990s. However, over these thirty years, the Russian market has galloped through all stages of development — from a “semi-wild” privatization voucher market to a modern ESG-oriented industry. Oleg Belay began his business journey in 1992, when Russians were establishing their first exchanges to trade securities.
His success story is worthy of attention, because he created his business from scratch and did it in extraordinary conditions. He did not have centuries-old market traditions to rely on. He had no opportunity to receive a business education. He had no access to high-quality information on financial market mechanisms. All Oleg had was a desire to learn and a feeling that he was standing at the threshold of something big and life-changing.
Later on, as CEO of the TRINFICO Investment Group, Oleg Belay reflected on how he felt when he was introduced to the financial sector. He says that he realized at that moment that “the stock market is a very interesting and beautiful story.” He wanted to become part of this story and understand the logic of the global economic mechanisms. He was driven not only by the desire to make money. He also knew that the financial sector promised many discoveries and an exciting path to shining heights.
Belay understood that he was witnessing the birth of the Russian stock market. And he wanted to contribute to the formation of this economic institution.
Today, Belay Oleg Viktorovich is known in the business community as the founder of TRINFICO. But it would not be an exaggeration to say that he is also one of those people who paved the way for the Russian investment industry.
Background: Childhood and Teenage Years
To understand how the businessman became who he is, we need to travel back to the 1970-1980s. Modern Russia did not yet exist — Oleg Belay was born in the USSR. He was born on June 5, 1972 in a family of electronics engineers. His father had a degree from the Moscow Institute of Electronic Technology (MIET) and worked in computer programming. The boy’s mother also graduated from the same university. There were three sons in the family.
The boy grew up in an unusual place called Zelenograd. It was a small city near Moscow that was built for engineers, programmers, and scientists. There were many academic institutions there. The very atmosphere of Zelenograd contributed to the creative and intellectual development of the children, especially considering that the family was surrounded by engineers and university teachers. People from these circles were frequent guests in their home.
However, the Belays did not gain any material advantages from this fact; their income was modest and typical of the Soviet era. So, when economic transformations in the country began, young Oleg had no one to provide him with start-up capital. However, his parents gave him something more valuable — learning skills and respect for knowledge.
Later on, this helped him gain insight into the equity market, collecting information bit by bit and analyzing his own experiences. When aspiring entrepreneurs ask the investor for advice, he always points out the importance of constant self-education and continuous skill development.
In 1989, after graduating from school, the future head of TRINFICO chose an engineering major at MIET. Oleg began to study microelectronics and semiconductor devices and eventually received a degree in physics engineering. However, by the time he graduated from university, the young man had already decided that he would work in a different field. He wanted to follow another career path; while still a student, he launched several start-ups, gained considerable business experience, and began trading securities.
Time of the Brave
The late 80s and early 90s in Russia were a challenging time and a turning point for the country. Old Soviet realities were collapsing and new ones, such as market relations, were emerging. At the turn of the 1990s, the USSR ceased to exist. Many people found these changes strange and stressful. But ambitious young people saw them as opportunities and enthusiastically welcomed the new era. Among them was aspiring entrepreneur Oleg Belay.
The young man managed to make his first money at the age of 17, as a university freshman. For the next few years, he and his school friend Valery Sotnikov tried to conduct business in various segments. Nothing escaped their interest — they were looking for the right path. For example, they once started an independent news agency. The project was successful, but the entrepreneurs strove for bigger goals.
They saw great potential in the emerging stock trading. As the investor recalls, they learned about the investment industry… from Hollywood films. These had just come to the country on VHS tapes with terrible voice-over translation. But they provided information about the world, including that on Wall Street and stock markets. The young friends dreamed of becoming part of this exciting business experience one day.
And they got the chance in 1992. Russians learned such words as “broker” and “voucher” and started trading securities on the newly established exchanges. However, the country was still a long way from forming a civilized stock market. Everyone was trading privatization checks known as “vouchers.” But even these transactions were helpful to the novice financiers, as they were able to gain their first trading experience and accumulate some capital.
In 1993, four young people, among whom was Belay, started a brokerage firm called TRINFICO. Two years later, it was transformed into an asset management company. Thus began the history of the investment brand that today enjoys a well-deserved positive reputation among institutional investors.
Thirty Years of Continuous Search for New Directions
In the years that followed, the biography of Oleg Belay was interwoven with the history of the TRINFICO Investment Group. He has held several leadership positions in the company. His roles changed depending on the directions in which the business was going; Belay was responsible for exploring new markets and introducing innovative financial instruments.
From 1993 to 2008, he served as CFO. However, the tasks of the executive went beyond his official responsibilities. He also dealt with various management problems and researched new investment areas. During these years, TRINFICO took a leap forward and transformed from a brokerage firm into an asset management company. Its range of financial instruments also expanded; at the beginning, the team traded only vouchers, but soon they moved on to trading stocks and bonds, and then started to navigate derivatives markets.
In 2002, the company welcomed another important change — a pension fund joined the ranks of its institutional investors. This event had a positive impact on the brand’s reputation capital. Pension funds are restricted in their choice of AMCs; they can afford to hire only stable companies with high risk management standards to handle their money. At the same time, just like every other investor, they want to yield good profits. TRINFICO managed to skillfully combine these two aspects for them.
From 2008 to 2013, the top manager ran the corporate finance division. He added investment banking and private equity services to the company’s catalog. This step made it possible for the AMC to expand its range of institutional-level solutions when developing customized strategies.
Since 2013, Oleg Belay has been responsible for strategic management as CEO of the investment group. One of his most important decisions in this role was to incorporate ESG principles into the business processes of the company. The entrepreneur set sights on green investing when it was still a novelty. The concept appealed to him with its philosophical component, which was based on a concern for the environment and society. As a result, TRINFICO became the first AMC in Russia to receive an ESG score.
Present Stage: Bringing in More Investors
Now, after thirty years of “moving in the flow” (as Oleg Belay describes the history of his company), we can confidently conclude that this student project was a success. Today, it is one of the oldest and largest investment groups in the country. When evaluating its history, industry experts note the stability of the business and the professionalism of its team.
TRINFICO’s achievements are reflected in the positive assessments from rating agencies. The AMC has earned an “A+” score from the National Rating Agency (NRA) and an “A” score with a stable outlook from Expert RA.
Another step in the evolution of the company’s business model was democratization of financial services. Traditionally, its client base has been made up of institutional investors. However, in 2024, TRINFICO listed its open-end funds on a financial marketplace, offering them to a wider range of private investors. Even small clients can now purchase shares of the brand’s funds in one click.
About the Importance of Charity in the Life of the Top Manager
Today, the majority holder and founder of TRINFICO, Oleg Belay, continues his work as the group’s chief executive. He has many plans for the future of the company. His busy schedule does not leave much time for other activities. Nevertheless, the businessman finds time to contribute to public welfare; he is a known philanthropist and the founder of the Vmeste Smozhem (Together We Can) foundation.
The foundation was established after the pandemic in order to tackle its negative consequences for the community. Its main goal is solve the problem of poverty. The organization assists charity programs aimed at supporting the most vulnerable populations. It provides different kinds of support, such as financial assistance and vocational rehabilitation. For example, some of its projects help people with cognitive disabilities gain skills to build an interesting career, unlock their creative potential, and become economically independent.
Interestingly, many TRINFICO employees also joined the Vmeste Smozhem foundation. They regularly volunteer and give back to the community. This common interest contributes to cultivating team spirit and building a socially responsible corporate culture.
