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Otkritie Financial Hires Five Bankers From Renaissance

Oct. 7 (Bloomberg) -- Otkritie Financial Corp., partly owned by Russia’s state-run VTB Group, hired five bankers from Renaissance Capital, the Moscow-based investment group half-owned by billionaire Mikhail Prokhorov.

Otkritie said it hired Tom Mundy, Berthold Maier, Richard Beston, Vinay Ruparelia and Sunil Joshi from its competitor, according to an e-mailed statement today.

Mundy, an equity strategist at Renaissance for four years, has been hired as chief equity strategist. Joshi, Maier and Ruparelia join for sales roles in London. Betson, a sales trader at Renaissance, has been hired for a similar role.

Otkritie also said it recruited Pavel Averkiev as vice-president of equity sales. He previously worked as a director of marketing at Prosperity Capital and Wermuth Asset Management.

The brokerage last week hired two domestic sales bankers from RenCap after firing four of its Moscow sales team for “lack of performance.”

Otkritie plans to recruit 90 bankers this year, taking the total to 400, Chief Executive Officer Roman Lokhov said in a July interview. The company aims to raise as much as $375 million in an initial public offering at the start of 2012 to fund expansion and acquisitions, he said.

VTB, Russia’s second biggest lender, acquired a 19.9 percent stake in Otkritie as part of “a strategic alliance,” according to a statement by Russia’s second-largest bank in March 2009.

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

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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