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Established in 1994

A LEADING 
INVESTMENT COMPANY 
IN ARMENIA

Empowering investors with trusted expertise,
innovative solutions,
and a full spectrum of investment services in Armenia

  • Armenia’s longest-standing investment company

    Established in 1994, with decades of experience in Armenia’s investment market.

  • Pioneer of Capital Market Offering in Armenia

    In 2008, we led the first underwriting of a public placement of shares in Armenia.

  • A Leading Investment Company by Client Assets

    Clients worldwide trust us
    with over $1B in assets

Our Mission

Our mission is to provide comprehensive access to financial markets – from the local Armenian exchange to global platforms – through cutting-edge technology and a seamless client experience. We empower retail investors with modern digital tools and offer corporate clients a full range of investment banking services, helping all our customers confidently achieve their financial goals.

Our Values

Our Awards

2018-2024

Best Exchange Member in Repo/Swap Transactions

2021-2022

Best Account Operator-Registry Keeper of Depository System

2021

Best Member in Unified System of Securities Registration and Settlement

2014-2021

Best Account Operator-Custodian of Depository System in Corporate Securities Market

2014-2018

Best Account Operator-Registry Keeper of Depository System

2015-2018

Best Member in Unified System of Securities Registration and Settlement

2017

Best Member of Stock Exchange Settlement System

2016

Best Exchange Member in Corporate Securities Market

2012-2014

Best Exchange Member in Corporate Securities Market

Membership

We are part of a community of industry-recognized companies

Supporting Socially Significant Projects

We support educational, cultural, and sports initiatives

A New Public Playground Opened in Khachkar Park
with ROQ Capital's Support

ROQ Capital Opened Two Modern Auditoriums at Russian-Armenian University

ROQ Capital Partnered with Primavera Foundation to Support Children’s Education

ROQ Capital partners with Armenian National Symphony Orchestra

We have become an official festival partner

ROQ Capital sponsored the publication of Ray Dalio’s "Principles"

Our employees, publishers, and book lovers at the book presentation

ROQ Capital was the title sponsor of the 2024 Yerevan Marathon

Many of our employees are among the participants

ROQ Capital Company

  • Aram Kayfajyan

    CEO

    Year of Birth
    1983


    Career
    • 2004 - Present: Chief Executive Officer of “ROQ Capital” Investment Company
    • 2017 - Present: Founding Shareholder and Board Member of “ROQ Funds” Asset Management Company
    • 2021 - Present: Partner for Capital Markets, Operations & Strategy at “MB Consulting” advisory company
    • 2021 - Present: Partner for Capital Markets, Operations & Strategy at “MB Legal” advisory company
    • 2020 - 2023: Member of the Supervisory Board of  “Inecobank”
    • 1999 - 2004: Held various positions at “Armbrok” Investment Company
    • 2007 - 2008: Member of the Supervisory Boards of the Armenia Stock Exchange and the Central Depository of Armenia
    • 2010 - 2014: Lecturer at the Russian-Armenian (Slavonic) University
     

    Education
    • Armenian State University of Economics 
    • PhD in Economics

     

  • Araksya Harutyunyan

    Deputy CEO

    Year of Birth
    1983


    Career
    • 2015 - Present: Deputy Chief Executive Officer of “ROQ Capital” OJSC
    • 2010 - 2015: Head of Securities Operations Department at “Armenbrok” CJSC
    • 2008 - 2010: Cashier-Broker at “Armenbrok” CJSC
    • 2006 - 2008: Economist-Analyst at “Armenbrok” CJSC
    • member of the Armenian Institute of Directors   (AIoD)
     

    Education
    • Armenian State University of Economics
    • Harvard Business School
    • New York Institute of Finance 
    • Austrian Chamber of Economics and Analysis
     

     

  • Hayk Manaselyan

    Head of Internal Audit Department

    Year of Birth
    1983
     

    Career
    • 2008 - Present: Head of Internal Audit Department of “ROQ Capital” OJSC
    • 2004 - 2008: Head of Internal Control Service at “Armenbrok” CJSC
    • 2017 - Present: Chief Accountant of “ROQ Funds” CJSC
    • 2010 - 2012, 2016 - Present: Chief Executive Officer of “Business Secretary” LLC
    • 2013: Assistant Lecturer at the Chair of Banking and Insurance of ASUE
    • 2006 - 2007: Deputy Chairman of the Disciplinary Committee of the Armenia Securities Exchange
    • 2003 - 2004: Head of Internal Control Service at “IT Broker Deal Trust” LLC
    • 2002 - 2003: Chief Executive Officer of “IT Broker Deal Trust” LLC

    Education
    • Armenian State University of Economics
    • PhD in Economics

  • Ashot Minasyan

    Chief Global Markets Officer

    Year of Birth
    1983


    Career
    • 2026 - Present: Chief Global Markets Officer of “ROQ Capital” OJSC
    • 2022 - 2026: Head of Asset Management and Brokerage Operations Division at “ROQ Capital” OJSC
    • 2019 - 2022: Head of Trading Division at “Alfa Capital”, Moscow, Russia
    • 2011 - 2019: Managing Director, Head of Securities Financing and Repo Transactions Division at BCS, Moscow, Russia
    • 2010 - 2011: Managing Director, Head of Repo Operations Division at “Bank of Moscow”, Moscow, Russia
    • 2007 - 2010: Repo Trader at “Troika Dialog”, Moscow, Russia

    Education
    Academy of National Economy under the Government of the Russian Federation

  • Ashot Chagharyan

    Chief Development Officer

    Year of Birth
    1974


    Career
    • 2025-Present: Chief Development Officer of “ROQ Capital OJSC“
    • 2025-Present: Chairman of the Board of “KAMURJ“ UCO CJSC
    • 2017-2024: Director of Corporate Affairs at “Philip Morris International“
    • 2014-2017: Director of Business Development at “Philip Morris International“
    • 2000-2014: Held various senior roles in global companies, covering general management, sales, marketing, and finance across Eastern European markets

    Education
    • Armenian State University of Economics
    • Master’s Degree

  • Samvel Sahakyan

    Chief Financial Officer

    Year of Birth
    1983


    Career
    • May 2022 - Present: Chief Financial Officer of “ROQ Capital” OJSC
    • 2007 - 2011: Head of Research Department at “Armenbrok” CJSC
    • 2016 - 2022: Chief Financial Officer of MMG Gold Limited
    • 2011 - 2015: Head of Armenia Office at SEAF Caucasus Growth Fund
    • 2006 - 2007: Financial Research Specialist at the FSDP Program

    Education
    • Armenian State University of Economics 
    • Russian-Armenian University
    • Swiss Finance Academy

  • Lida Tadeosyan

    Chief Accountant

    Year of Birth
    1987


    Career
    • 2023 - Present: Chief Accountant of “ROQ Capital” OJSC
    • 2022 - 2023: Head of Financial Accounting and Reporting Department at “Acba Bank” OJSC and Chief Accountant of “Acba Federation” CJSC
    • 2020 - 2022: Head of Finance / Chief Accountant at “SOS Children’s Villages” Armenian Charity Organization and Auditor at “Credit Corp” UCO CJSC
    • 2015 - 2022: Lecturer at the Chamber of Auditors and Expert Accountants of Armenia
    • 2014 - 2020: Senior Auditor, then Audit Manager at “Grant Thornton” CJSC
    • 2011 - 2014: Senior Auditor and Accounting Services Manager at “A.N. Audit” CJSC
    • 2008 - 2014: Chief Accountant at various commercial organizations

    Education
    • Yerevan State Pedagogical University
    • Bachelor’s Degree 
    • Yerevan State University
    • Master’s Degree

  • Karen Isajanyan

    Chief Trader

    Year of Birth
    1983


    Career
    • 2022 - Present: Chief Trader of “ROQ Capital” OJSC
    • 2021 - 2022: Equity Sales-Trader at “Sinara” Investment Bank, Moscow, Russia
    • 2017 - 2021: Equity Sales-Trader at “Otkritie” Financial Corporation Bank, Moscow, Russia
    • 2008 - 2016: Equity Sales Specialist, Head of Brokerage at Rye, Man and Gor Securities (RMG), Moscow, Russia
    • 2007: Equity Sales Specialist at “Ak Bars” Holding, Moscow, Russia
    • 2006 - 2007: Asset Management Advisor at Renaissance Capital”, Moscow, Russia
    • 2005 - 2006: Executive at “Citigold” (Citi), Moscow, Russia

    Education
    Moscow State Institute of Radio Engineering, Electronics and Automation (Technical University)
     

  • Edgar Aghabekyan

    Chief Dealer

    Year of Birth
    1982


    Career
    • 2009 - Present: Chief Dealer of “ROQ Capital” OJSC
    • 2019 - Present: Member of the Specialized Academic Council in Economics (014) at ASUE
    • 2019 - Present: Associate Professor at the Chair of Financial Markets and Institutions at ASUE
    • 2009: Financial Advisor at “Armenbrok” CJSC
    • 2009: Head of Operations Department / Broker at “Private Invest” CJSC
    • 2008: Senior Specialist of the Operations Department at “Private Invest” CJSC
    • 2007 - 2008: Head of Securities Department at “Private Invest” CJSC
    • 2007: Member of the Disciplinary Committee of the Armenia Securities Exchange
    • 2007: Internal Controller at “Private Invest” CJSC
    • 2006 - 2007: Securities Dealer at “Armeconombank” OJSC

    Education
    • Armenian State University of Economics 
    • PhD in Economics

  • Maxim Biryukov

    Head of Digital Products and Research

    Year of Birth
    1984


    Career
    • 2025 - Present: Head of Digital Products and Research at “ROQ Capital” OJSC
    • 2022: Chief Analyst of International Financial Markets at “ROQ Capital” OJSC
    • 2017 - 2022: Head of Credit and Data Analysis (Fixed Income) at “Alfa Capital”, Moscow, Russia
    • 2013 - 2017: Deputy Director of Mergers and Acquisitions at “Otkritie”, Moscow, Russia
    • 2008 - 2013: Vice President of Corporate Finance at “National Bank Trust”
    • 2007 - 2008: Senior Consultant at “Ernst & Young”
    • 2005 - 2007: Audit Consultant at “PwC”

    Education
    • Higher School of Economics, Russia, 
    • Bachelor’s Degree

  • Elmira Ghalumyan

    Head of Depositary, Custody & Settlements

    Year of Birth
    1986


    Career
    • 2025 - Present: Head of Depositary, Custody and Settlements Department of “ROQ Capital” OJSC
    • 2013 - 2025: Head of Depositary Services at “ROQ Capital” OJSC
    • 2011 - 2013: Custodian at “Armenbrok” CJSC
    • Professional qualifications issued by the Central Depository of Armenia, granting authorization as a DEPEND system account operator and the right to provide full services as a member of the regulated market settlement system

    Education
    Yerevan State University

  • Alexandr Mironov

    Chief Technology Officer

    Year of Birth
    1975
     

    Career
    • 2023 - Present: Chief Technology Officer of “ROQ Capital” OJSC
    • 2022 - 2023: Program Manager at “Terralink”, Moscow, Russia
    • 2021 - 2022: Software Developer at “Voentorg” OJSC
    • 2019 - 2021: IT Manager at “Mosstroytrans” Corporation, Moscow, Russia
    • 2017 - 2019: Director of “Troika Driver”, Moscow, Russia
    • 2014 - 2017: Sector Head at “Sber”, Moscow, Russia
    • 1996 - 2014: Deputy Head of Depository at “Troika Dialog” Group, Moscow, Russia

    Education
    Moscow Technical University of Communications and Informatics
     

  • Eleonora Hovsepyan

    Head of People and Change

    Year of Birth
    1997


    Career
    • 2025 - Present: Head of People and Change at “ROQ Capital” OJSC
    • 2021 - Present: Co-Founder of “HUMANIZZED Corporate HR Solutions”
    • 2020 - 2021: Human Resources Generalist / HR Business Partner to Wealth and Personal Banking (WPB) at “HSBC Bank Armenia”
    • 2018 - 2020: HR Specialist / Training Academy Lead at “HSBC Bank Armenia”
    • 2017 - 2019: Business Cooperation Specialist at “Victory Gems” in cooperation with “Alrosa”
    • 2013 - 2016: Awareness Campaign Support Specialist at “AlfaMed” Armenian-Israeli Joint Venture

    Education
    • American University of Armenia (AUA)
    • Saïd Business School, University of Oxford
     

Corporate Events

1994

Foundation of Armbrok LLC

1994

Armbrok LLC renaming
into Armenian-Canadian
joint enterprise LLC

1998

Armenian-Canadian joint
enterprise LLC reorganization
into Armenbrok CJSC

2008

Armenbrok CJSC reorganization
into Armenbrok OJSC

2008

Through merger of Armenbrok OJSC and Master Capital LLC the new Armenbrok OJSC was established

2017

Establishment of the asset management company Glocal with Armbrok's involvement

2019

Acquisition and merger of Capital Investments CJSC

2021

Armenbrok OJSC renamed Armbrok OJSC

2024

The company celebrated its 30th anniversary with clients, partners, and employees

2026

In 2026, the company underwent a rebranding, including a change of its name to ROQ Capital

Statutory Documents

Stock Info