Russian investment bank Renaissance Capital has opened an office in Hong Kong to extend its capabilities in Asia.
It is expected that the Hong Kong office will have a staff of 15 by the end of 2010. This will include sales and trading staff, as well as four or five senior investment banking professionals, with a focus on the metals and mining sector. In addition, Renaissance Capital expects to have a light investment banking presence on the ground in Beijing by the end of the year.
In May 2010, Renaissance Capital filed with the Securities and Futures Commission (SFC) for Type 1 and Type 4 licenses to allow the firm to engage in dealing in and advising on securities transactions. The firm is currently in the process of working with the SFC through the licensing process.
Like Renaissance Capital’s offices in London and New York, the Hong Kong office will distribute securities from Russia, Central Asia, Eastern Europe, Africa and other emerging markets to institutional investors.
Jeremy Sparrow has been seconded from London to Hong Kong to lead the office as CEO. Mr Sparrow, a managing director since 2001, is a former head of equities and former head of international sales at Renaissance Capital.
Stephen Jennings, CEO of Renaissance Capital, said: “The center of global capital for emerging markets is moving east, and we expect Hong Kong to be the greatest beneficiary of that process. We are also witnessing a major M&A integration between Asia and other emerging markets. For these reasons we are building out an Asian presence with an office in Hong Kong.”