Timur Turlov built his reputation in finance. In September 2026, he took on a different kind of leadership role: president of the International Chess Federation, known as FIDE. His election brought a businessman who helped expand Kazakhstan’s financial services industry to the head of world chess.
From brokerage to Freedom Holding
Born in 1987, Turlov began working in financial markets as a teenager. He later studied economics and management, graduating in 2009. In 2008, he founded Freedom Finance, a brokerage focused on giving customers access to international stock markets. The business expanded into Kazakhstan, and its operations were eventually brought together under Freedom Holding Corp., whose shares were listed on Nasdaq in 2019.
Freedom Holding has since grown beyond brokerage services. Its businesses include banking, insurance, payments and other digital services. In its fiscal year ended March 31, 2026, the company reported $2.19 billion in revenue and $153.3 million in net income. It reported approximately 5.03 million banking customers at year-end, roughly double the previous year’s figure. Those are company-wide results, not a measure of Turlov’s personal wealth.
Timur Turlov remains central to the company as its chairman and chief executive. Freedom’s annual filing says he beneficially owned approximately 69% of its outstanding shares, giving him voting control. The same filing identifies that concentration of control and transactions involving companies he owns as matters investors should consider.
His move to Kazakhstan
Turlov was born in Russia but renounced his Russian citizenship in 2022 and became a citizen of Kazakhstan. Freedom Holding completed the sale of its Russian business units in February 2023. Kazakhstan is now the center of the group’s operations and of Turlov’s public activities.
That change has not removed every question surrounding the company’s past ties to Russia. Freedom’s annual filing states that Ukraine placed Turlov and several former subsidiaries on a sanctions list in October 2022. The company says it believes Turlov’s inclusion was unjustified.
A growing role in chess
Turlov became president of the Kazakhstan Chess Federation in January 2023. He has supported chess tournaments and education initiatives, while Freedom Holding has become a major sponsor of the sport. In 2024, he helped establish the International School Chess Federation, an organization focused on expanding chess in education.
On September 26, 2026, FIDE’s member federations elected him president at their General Assembly in Samarkand, Uzbekistan. Turlov won the second round of voting by 110 votes to 85 against Wadim Rosenstein and succeeded Arkady Dvorkovich. Former world champion Viswanathan Anand was elected deputy president on Turlov’s ticket.
During the campaign, Turlov spoke about improving digital services, supporting smaller chess federations and strengthening efforts against cheating. He also said FIDE should follow international sports rulings restricting Russian team participation. Turning those positions into policy will be an early test of his presidency.
Business scrutiny
Turlov’s new role comes while Freedom Holding faces an unresolved U.S. regulatory matter. In its August 2026 quarterly filing, the company disclosed that both it and Turlov had received Wells notices from staff of the U.S. Securities and Exchange Commission. The investigation includes questions about trading practices, accounting, disclosures and internal controls. A Wells notice indicates that SEC staff has preliminarily recommended an enforcement action; it is not a formal charge or a finding that a law was broken. Freedom and Turlov have challenged that preliminary determination.
Turlov’s career now spans two institutions with very different responsibilities: a financial group serving millions of customers and the international body that governs chess. His record at FIDE will depend on how well he delivers on his plans for the sport, while the outcome of the SEC matter remains to be determined.
