Renaissance sells off investment banking to focus on asset management
Renaissance Group, a leading emerging markets investment firm, has sold off all of its investment banking division to focus on asset management.
The firm feels that asset management is its strongest business area and has chosen to focus all of its strengths on developing the best quality service.
Renaissance Capital and Renaissance Credit, the banking arms of the business, have been sold off to Onexim Group in Russia.
The move comes as various global firms with banking and asset management operations reconcile to maintain both sides of the business. A notable recent example of this is Deutsche Bank.
Renaissance Asset Managers will maintain the same structure, with CEO Barbara Rupf Bee at the helm.
Stephen Jennings is CEO of Renaissance Group and will continue to lead the strategy for the Renaissance Group which now comprises: Renaissance Asset Managers; Rendeavour, the firm’s African urban development business; Renaissance Credit Nigeria, the recently launched consumer lender in Africa; and Renaissance Real Estate.
The firm says the change will not affect the asset management operations and it is “business as usual.”