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Renaissance founder Jennings retreats from Russia-sources
November 14, 2012 / 2:32 PM / 5 years ago

Renaissance founder Jennings retreats from Russia-sources

MOSCOW, Nov 14 (Reuters) - Veteran banker Stephen Jennings is stepping down as head of the Russian-focused emerging market investment bank he founded and will run Renaissance’s African business and its asset management operations, sources familiar with the matter said on Wednesday.

New Zealander Jennings, who co-founded Renaissance in 1995, sold half of Renaissance Capital to Russian billionaire Mikhail Prokhorov in 2008.

Prokhorov’s investment vehicle Onexim is buying the half of Renaissance Capital it doesn’t already own, and will run the investment bank and Renaissance Credit, the sources said.

Jennings will continue to run Renaissance Group, which will comprise asset management, African land development, consumer finance and real estate businesses, the sources said.

Renaissance declined comment. Jennings could not be reached for comment. (Reporting by Oksana Kobzeva, Megan Davies Editing by Douglas Busvine)

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