Renaissance Group, the parent company of the Russian brokerage half-owned by billionaire Mikhail Prokhorov , may do “the majority” of its business in Africa within two years, Chief Executive Officer Stephen Jennings said.
Renaissance Capital, one of the oldest Russian investment firms and the nation’s biggest equity underwriter, is helping place Chinese funds in natural resources companies across Africa and the former Soviet Union as part of a strategy to become a multi-regional emerging-markets bank.
Renaissance Capital, the Russian investment firm that has arranged the most stock offerings in the country this year, is helping place Chinese funds in natural resources companies across Africa and the former Soviet Union in a push to be the biggest multi-regional emerging-markets bank.
Stephen Jennings, who founded Russia’s Renaissance Capital 17 years ago, will step down after billionaire Mikhail Prokhorov rebuffed his requests seeking more cash for the money-losing investment bank, said two people with knowledge of the talks.
Renaissance Capital founder Stephen Jennings and partners borrowed more than $700 million from the Russian investment bank to buy assets in Africa, Vedomosti reported, citing unidentified people familiar with the matter.
Russian billionaire Mikhail Prokhorov is considering an initial public offering for his Renaissance Credit consumer lender in a bet financial stocks have hit “bottom,” the head of his holding company said.