Renaissance Capital Hires Otkritie Equity Chief, Sales Director

Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, hired Otkritie Capital’s head of equities, Ruslan Babaev, and sales director Maxim Orlovsky.

Otkritie and RenCap agreed to a one-year hiring “moratorium” after the latest two appointments, said Alexey Karakhan, an Otkritie spokesman, who confirmed Babaev and Orlovsky had left. Babaev said he and Orlovsky had joined Otkritie, in a telephone interview.

RenCap last week rehired Igor Vayn from Otkritie as co- chief executive officer with John Hyman. At least a dozen bankers joined Otkritie from RenCap when Vayn quit as head of equities two years ago. Vayn is sharing the top job with Hyman after Prokhorov took control of the business from founder and controlling shareholder Stephen Jennings last month.

“Igor has an agreement that he can hire two people from Otkritie, including Ruslan,” Karakhan said by telephone. “Then there will be a moratorium on hiring for one year from Otkritie.”

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net