News in Brief: AK47 bought by investor; The growing role of family offices at business school programs


Kalashnikov sells majority stake to former politician

The manufacturer of one of the world’s most iconic brands, the AK47 rifle, has been bought by a Russian investor and politician, Alan Lushnikov. The former deputy transport minister has acquired a 75% stake in Kalashnikov, the maker of the famous AK-47 rifle, according to reports. 

Local state-run defence company Rostec will reportedly retain the other 25% of Kalashnikov, which based in Russia.

The arms maker has been under US sanctions since 2014, and, according to Russian media reports, Lushnikov paid just 1 billion roubles ($13.1 million) for the majority stake. 

Top business school acknowledges the role of family offices with rebranding of family business program

Columbia Business School has rebranded its family business course to its global family enterprise program in acknowledgement of the growing role on family offices in the world economy. 

The New York City-based business school, which is part of Columbia University, said in a statement: “Family enterprises drive tremendous impact and innovation, and are major sources of capital for startups, philanthropy and social enterprises.” 

Costis Maglaras, dean of Columbia Business School, added: “The program’s new name more effectively captures the extraordinary work it (the business school) conducts to educate future leaders, introduce new ideas and research, and provide lifelong education for the School’s global alumni.”

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