Artashes Terzyan holds a Ph.D. in mathematics from Lomonosov Moscow State University (1988.) His investment banking career started in 1992 at Royston Investment Limited, a London based hedge fund. He also worked at the Equity Derivatives desk of Chase Manhattan Bank (1993-1994) and the proprietary trading desk at Tokai Bank Europe (1994-1996) reporting to Alan Howard (founder of the Brevan Howard hedge fund.) The opening of Russian capital markets compelled him to move to emerging markets, where he joined the Derivatives and Structured Products Desk of Donaldson Lufkin and Jenrette International (1996-1999.) He also briefly worked as Head of the European Emerging Markets Department at Commerzbank (1999-2000.) In 2001 Mr. Terzyan joined Trust and Investment Bank in Moscow (the name was later changed to Investment Bank Trust) as one of its board level executive directors. Investment Bank Trust (IBT) was ranked first by profit per employee and fourth by profit. Profile Magazine ranked it the No. 4 bank in 2003. The Bank was also ranked first by ratio of profit before reserves to assets and ratio of operating revenues to assets making it the most efficient Russian bank (Interfax rankings published by Russky Fokus Magazine 2002.) Securities Market Publishing House and the National Association of Securities Market Participants named IBT the Bond Issuing Company of the Year. According to Banker Magazine, the Bank was ranked among the top 25 banks in Central and Eastern Europe and among the world’s 1000 largest banks based on 2002 results. Bloomberg ranked IBT 15th in its league table of advisors on mergers and acquisitions in 2003. In 2004 together with four other partners he acquired, in a management buyout, Investment Bank Trust and Bank Menatep St. Peterburg (later renamed National Bank Trust) from the previous owner, Group Menatep. In January 2008 Mr. Terzyan sold his stake in the holding company that controlled both banks to Merrill Lynch, the ultimate buyer. Mr. Terzyan is on advisory boards of Gerken Capital Associates (USA) and Empire State Capital Partners (Ukraine.) He is also founder and trustee of SKIL, a charitable foundation in Armenia focused on social and cultural innovations.