RenCap chief resigns, ex-Merrill banker comes in to run global equities

By Andrei Skvarsky.

Russia’s Renaissance Capital has parted company with its chairman and co-chief executive John Hyman, who has overseen the Moscow-based investment bank’s transition from being a money-losing to a profitable business.

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Simultaneously, RenCap, which is part of billionaire Mikhail Prokhorov’s Onexim Group, hired ex-Merrill Lynch banker Benjamin Samuels as head of global equities.

Hyman decided to step down from his top roles at RenCap, the bank said in a statement.

Hyman joined RenCap in October 2011 as head of investment banking. He was raised to chairman and co-chief executive in November 2012, when Onexim took control of the company, which since then has ceased to be a money loser and begun to make a profit.

“John has been instrumental in achieving the successful turnaround of the Firm and our return to profitability in the first half of 2013,” the statement quoted Onexim deputy chief executive Christophe Charlier as saying.

“We’re pleased that he will stay on for some time to act as an adviser to us. John leaves with our thanks for his leadership and substantial contribution, and we wish him every future success.”

RenCap reported a net profit of $4.8m for the first half of 2013. It had a $14.8m net loss for the same period in 2012.

Samuels, who will be based in London, spent 15 years in New York- and London-based roles at Bank of America Merrill Lynch, RenCap said in another statement.

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