Saturday 26 September 2015


Renaissance Capital, a leading emerging and frontier markets investment bank has announced its financial results for the six months to 30 June 2015. During the reporting period, the Firm’s net profit increased by 20.8 percent to $10.5mn compared with $8.7mn in 1H 2014.

In 1H 2015, the firm delivered strong revenues from its core businesses, including global markets, which showed a solid performance led by particularly strong growth in Fixed Income, Currencies and Commodities (FICC), despite headwinds. Continued focus on cost management has resulted in a 25 percent decrease in operational costs year-on-year.Total operating expenses declined to $73.7mn from $98.3mn in 1H 2014 year-on-year.Total operating income reached $97.8mn.

In the first six months of 2015, Renaissance Capital initiated coverage of stocks and sectors in the new frontier space, including consumer, cement, fertilizer and utility companies in Pakistan, as well as the banking and construction sectors in wider MENA. As part of Renaissance Capital’s plans to grow its MENA offering from its Dubai office, the Firm continued to expand its services in Egypt along with the Gulf Cooperation Council (GCC) markets.

The firm remained committed to developing and strengthening its team with new hires and promotions in fixed income, research and trading operations. Specifically, Victor Lugo joined the Firm as Director of FICC Sales, and Elena Kolchina was appointed Director and Fixed Income Strategist in July.

In the same month, Renaissance Capital announced the appointment of James Friel as Global Head of Investment Banking, who joined the Firm from Rothschild. In Sub-Saharan Africa, Temi Popoola was hired as Head of Equities and recently appointed as CEO of the Firm’s Nigeria office, to further strengthen its already established offering on the ground.

In 1H 2015, Renaissance Capital has continued to hold its annual investor conferences: 6th Pan-Africa 1:1 Investor Conference in Lagos, Nigeria, in May and the 19th Annual Russia Investor Conference in June. Both events proved to be successful, drawing the attention of hundreds of international investors and corporates from across the world.

Igor Vayn, Renaissance Capital CEO, commented: “We are pleased to announce strong results as we celebrate two decades of successful operations in emerging and frontier markets. During this time, the firm has grown from a Russia-focused bank to one of the leading international investment banks in the emerging and frontier space. Renaissance Capital’s geographical diversification is one of the key factors that led to all-round positive results for the Firm despite turbulent market conditions globally.

“We know that only the highest quality research and service bring the necessary comfort level for investors looking at new markets, from Russia to Africa and across the Middle East and frontier space. Our goal is to stay at the forefront, offering best in class trading, banking and access to capital to our clients from around the world.

“Looking to the rest of the year, we will use our expertise and experience to navigate the challenging market conditions as we remain committed to our core markets, and work to maintain our leading positions across the product offering.”

Renaissance Capital is a leading emerging and frontier markets investment bank with operations in Russia, Eastern Europe, the Middle East, Asia and Africa, and offices in major financial centres, such as London, New York and Dubai. (businessday)

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