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)
No comments:
Post a Comment