Mikhail Fridman
Mikhail Fridman

Teneo Strategy is slated to receive a $150K monthly retainer from LetterOne Investment Holdings, the Luxembourg-based firm co-founded by Russian billionaire Mikhail Fridman.

The assignment to provide strategic counsel and stakeholder outreach to LetterOne and its board members began Sept. 1.

Teneo’s engagement letter calls for scheduling media interviews, assisting with media briefings and coordinating stakeholder relations. It will not act as a political consultant.

Senior managing directors Paul Gallagher, former head of Burson-Marsteller’s US crisis practice, and Kathleen Lacey, one-time executive VP for influencer engagement at Edelman, head the five-member LetterOne team.

Forbes estimates Fridman, who controls the Alfa Group, Russian’s biggest financial and industrial investment firm, is worth $15B.

He was a member of the US Treasury’s “oligarchs watchlist,” according to Reuters, but was never hit with sanctions.