Promsvyaz Asset Management, a subsidiary of Promsvyazbank (PSB), was named the best financial management company in Russia for 2014 by Spear's magazine on Friday.

The bank thanks its subsidiary for its professionalism and cites its employees' dedication and the trust that clients place in the management firm as reasons it won this award. Over the course of 2014, Promsvyaz Asset Management's client base has grown significantly, doubling the client base acquired in 2013.

Alexey Ischenko, head of private capital and investment management for PSB, thanked the community of professionals and the publication for the award.

"Today, getting his share of recognition from our colleagues, we understand that the main goal -- the further development and the interests of our clients -- remains the same, and we made a few steps in the right direction," Ischenko said.

The firm was recognized by the Russian wing of the magazine, based in London, which reports on wealth management and financial news. It gives out annual awards celebrating achievement in the financial sector.