BAML hires RenCap ex-boss to run Russian business

Bank of America Merrill Lynch has hired Alexander Pertsovsky, a former chief executive of Renaissance Capital, to head its Russian operation.

Pertsovsky, who takes up the reins at BAML in February, will also join the American bank’s executive committee for Europe and the emerging markets, excluding Asia, according to Reuters.

BAML, which has not yet obtained a Russian banking licence, is a lead adviser to Russian state-controlled oil major Rosneft on its $55bn acquisition of Anglo-Russian oil firm TNK-BP, Russia’s largest-ever takeover deal, Reuters said.

Pertsovsky spent a decade at RenCap, which was bought out by Russian billionaire Mikhail Prokhorov’s investment company Onexim a few weeks ago, ceasing to be part of Renaissance Group.

He went into the investment banking business almost immediately after the collapse of the Soviet Union by founding an investment company, Rinaco Plus, in 1992.

In his BAML job, he succeeds Konstantin Korishchenko, a former deputy chairman of the Russian Central Bank who quit BAML this autumn to become chief executive of Russia’s Investbank.

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