By Ivan Anderzhanov in Moscow
Renaissance Group has announced the launch of Renaissance Private Banking to focus on high net worth clients and their family offices.
The move is aimed at countering Third Rome, the new fund management business set up by Andrei Movchan, who left Renaissance this year after a row over the running of Renaissance Investment Management. In an interview with Emergingmarkets.me last month, Movchan said the firm had hired a total of 30 personnel and had already won $200m in client assets from Renaissance.
Ekaterina Konstantinova has been appointed chief executive of Renaissance Private Banking effective immediately and will report to Renaissance founder Stephen Jennings who will also chair the Renaissance Private Banking Advisory Board.
Konstantinova was previously responsible for Renaissance Investment Management’s real estate franchise and will continue to supervise real estate funds in her role.
Prior to coming to Renaissance, she was responsible for business development and management in the first-tier international and domestic industry leaders, such as Marubeni Corporation, National-Oilwell, Troika Dialog.
In a statement, Jennings said: “Private Banking will be one of the core businesses for Renaissance Group. We are aimed at becoming absolute leader in this segment. We expect assets under our management to exceed $20bn by 2012.”
