Renaissance Capital in growth mode in Africa

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Going up

Going up

Renaissance Capital continues to grow its presence in Africa. The Moscow-based emerging markets specialist, which already has 150 professionals covering Sub-Saharan Africa, has announced a number of appointments in its Africa-focused Equity Products Group.

Ali Khalpey has been appointed head of South Africa and Sub-Saharan Africa Equities, with a mandate to oversee the sustained growth of RenCap’s equities platform across its core markets in Africa. Khalpey is a former Africa funds manager at BlackRock and was also employed as head of sales at Investec. He joined RenCap in January 2010 as head of equities in South Africa and will now remain in Johannesburg but expand this role to the rest of the continent.

Khalpey will report both to Yonatan Gozdanker, global head of equities, and to Clifford Sacks, Ceo of RenCap in Africa. “We hire the best talent we can,” said Sacks, speaking of the bank’s recruitment strategy. “RenCap has depth of expertise, approach and unrivalled access to the continent’s high-opportunity emerging and frontier markets.” Sacks, who was poached from Merrill Lynch in 2010, has hired about thirty people since then.

The other appointment is that of  Stanley Kariuki as head of equities in Kenya, based in Nairobi. He joined RenCap last year as an equity trader and has since then led regional client coverage. His new role will give him oversight of the local team and responsibility for the quality and efficiency of the bank’s trading and operations in the East African country. “These appointments will drive execution co-ordination and management of client coverage on a cross-regional and cross-functional basis,” said Gozdanker. “This will enable the firm to continue growing its market share and dominance.”

RenCap, which started operations in Africa in 2006, now has a presence in six key countries, where it focuses on intermediating cross-border investment flows. Nigeria, which the bank has described as “the next Brazil or Russia”, is a particular focus. This week the investment bank announced the launch of market-making, securities lending and short-selling services on the Nigerian Stock Exchange, where it is one of ten primary market makers. PMMs are required to provide bid and offer quotes within the daily circuit-breaker limit for stocks in which they make a market. “This service will further drive interest from international investors to invest in Nigerian equities,” said Yvonne Ike, RenCap Ceo for West Africa.

Euromoney named RenCap “Best Equity House in Africa” at its 2012 Euromoney Awards for Excellence, in recognition of its “ability to make equity deals happen for companies in countries most other bankers are ignoring, across sectors and in local as well as international markets.”