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Wealth
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Mystery Hedge Fund Bolsters 500% Return on Curious Nasdaq Stock

From faraway Kazakhstan, an obscure brokerage says it scores hot U.S. IPOs.

The Esentai Tower, home to the headquarters of Freedom Holding.

The Esentai Tower, home to the headquarters of Freedom Holding.

Photographer: Vadim Zhakupov/Getty Images

Six thousand miles from Wall Street, in the ancient Silk Road city of Almaty, lies the private redoubt of a little-known financial empire.

Inside the members-only T-Club, two cockatoos, Grisha and Silvia, keep watch. Above a bronze samovar, a flat screen television shows the proprietor’s corporate crest: a green “F” on a green shield.