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, 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.
Renaissance Capital’s Hasnen Varawalla, who led the Moscow-based securities firm’s failed push into markets such as India, and senior adviser Stephen Konigsberg have left the company, according to four people with knowledge of the situation.
Renaissance Capital cut a quarter of its Moscow research team, less than three months after billionaire Mikhail Prokhorov wrested control of the investment bank from co-founder Stephen Jennings, two people wirh knowledge of the matter said.
Renaissance Capital Chief Executive Officer Stephen Jennings said Africa “will account for 20 percent of our business” this year, the Financial Times reported, citing an interview. Russia will carry on accounting for about two-thirds, the newspaper said.