An independent advisory firm built for rigour, independence, and partnership.
MB Consulting serves clients at the intersection of finance, strategy, and public policy across Armenia and beyond.
Who we are
MB Consulting is an independent advisory firm providing analytical and advisory services to private-sector companies, public-sector entities, and international financial institutions. We work across four practice areas - Corporate Finance, Capital Markets, Strategy, and Economic & Development Studies. We bring together specialists who combine commercial insight with institutional-grade analytical rigour.
Our model is deliberate: focused practices rather than a generalist offering, senior involvement on every engagement, and analytical work done by the people who sign their names to it. Clients work directly with the specialists shaping their analysis, not with rotating teams or layers of intermediation. We believe the quality of advisory work depends on this directness, and we have structured the firm to protect it.
How we think about the work
Independence is foundational
Our analysis stands on its own. We do not soften conclusions to please clients, and we do not compromise methodology for commercial convenience. Clients engage us precisely because our output is defensible under scrutiny by boards, investors, lenders, regulators, and IFIs.
Depth over breadth
We go deep in a focused set of practices rather than spreading across every advisory service imaginable. Our team members are specialists in corporate finance, capital markets, strategy, and economic analysis.
Continuity matters
The best advisory relationships are not transactional. Our continues engagement offerings reflect a conviction that good advisory work compounds over time. We know our clients' businesses, their markets, and the history of the decisions that shaped them.
Clear thinking, clearly communicated
Analytical rigour is meaningless if the conclusions cannot be acted upon. We communicate findings in language that boards, investors, and public-sector decision-makers can use directly, without translation.
What sets us apart
The international investor bridge
Armenia's capital markets and private sector are increasingly connected to international capital. We translate local business realities into the analytical frameworks and disclosure standards that international investors, IFIs, and lenders expect.
Sector depth across Armenia and the region
With experience across technology, financial services, infrastructure, energy, real estate, manufacturing, and the public sector, we bring cross-sector perspective and comparative insight that more narrowly focused firms cannot offer.
Structural independence
MB Consulting is not part of a larger group or network with competing commercial interests. There are no cross-selling pressures, no conflicts of interest with audit or consulting practices, no internal politics shaping our advice.
Senior attention, direct delivery
Engagements are led and executed by the firm's experts, not delegated down through layers of staffing. Decisions move quickly because the people doing the analysis are the people responsible for it. When a client needs an answer, we deliver.
Our track record
Since 2020, MB Consulting has established a body of work that reflects the firm's analytical standards and institutional relationships.
Published with the ADB
Our economic analysis of Lake Sevan's ecosystem services, valuing the lake at approximately $397 million annually, was published as a knowledge product by the ADB. The study assessed climate-amplified eutrophication risks and evaluated three wastewater treatment investment scenarios.
Pre-qualified by the EBRD
MB Consulting is a pre-qualified service provider to SMEs through projects supported by the European Bank for Reconstruction and Development.
Strategic partnership with Armbrok Investment Company
A capital markets partnership that expands MB's reach in bond and equity issuance advisory.
Member of the Union of Advanced Technology Enterprises
Reflecting our commitment to Armenia's technology and innovation ecosystem.
What we stand for
Rigour
Every analysis we publish or deliver must be defensible under the scrutiny of those who know the subject best.
Discretion
We work on matters that are often sensitive, strategic, and confidential. Clients trust us because we do not discuss their affairs outside the engagement.
Independence
Our conclusions are our own. We protect the integrity of our analysis as carefully as we protect client confidentiality.
Long-term partnership
The best outcomes come from relationships built over time, not from one-off engagements.
The people behind the work
MB Consulting is led by a team of specialists with backgrounds in corporate finance, capital markets, economic analysis, and public policy advisory. Our partners and senior advisors have advised clients across the full spectrum from start-ups and private family businesses to large corporations, public institutions and leading international financial institutions.
Davit Manukyan, PHD, CFA, ASA, PMP
Managing Partner
Founder of MB Consulting with 15+ years of corporate finance, valuation, and economic studies experience across Armenia and the broader region.
Aram Kayfajyan, PhD
Partner
CEO of Armbrok Investment Company since 2004, with 20 + years in capital markets and investment management. Leads MB's Capital Markets practice.
Vahan Hovsepyan, MBA, CFA
Manager
Former project manager at Grant Thornton with 10+ years in corporate finance, valuations, and transaction support across multiple markets.