Renaissance Capital, part of Russian investment bank Renaissance Group, has named Clifford Sacks as CEO of Africa.

In his expanded role, Sacks will be responsible for the day-to-day management and implementation of Renaissance’s pan-African strategy across all products and entities.

Sacks joined Renaissance in early 2010. He was instrumental in Renaissance Capital’s acquisition of BJM Securities, a South Africa-based independent research, sales and trading house, in 2010.

As Renaissance Capital’s CEO of South Africa and head of African Equities – a position he will retain -Sacks has expanded the firm’s Investment banking & financing business in South Africa.

Prior to joining Renaissance Capital, Sacks spent 12 years with Merrill Lynch and from 2006 was Merrill Lynch’s Co-CEO of Africa operations, responsible for the markets business across all products and geographies, including coverage of both local and international clients.

Renaissance Capital CEO Stephen Jennings said they are confident that, under Cliff’s leadership, Renaissance will make further, significant progress in its African business.

"Cliff is a seasoned African banker who understands well Renaissance’s emerging- and frontier-markets strategy," Jennings.