Jan. 28 (Bloomberg) -- Stephen Jennings, the co-founder of Russian investment bank Renaissance Capital Ltd., is in talks to sell his asset management firm, two people familiar with knowledge the matter said.
The management of Renaissance Asset Managers, led by President Plamen Monovksi, may acquire control of the firm, with Kazimir Partners Ltd. taking a minority stake, said the people, who requested anonymity because the discussions are private.
Jennings, 52, left Renaissance Capital in November after his billionaire partner, Mikhail Prokhorov, 47, rebuffed requests for additional cash. A New Zealand native, Jennings surrendered his stake in RenCap and kept control of the group’s asset management unit, urban development projects in Africa, consumer lending in Nigeria and real estate funds in Russia, according to statements from Renaissance Group and Onexim, Prokhorov’s investment holding.
Monovski and Frank Mosier, the managing partner for Kazimir, declined to comment on a possible buyout. Jennings couldn’t be reached on his Russian mobile phone or through the London offices of Renaissance Asset Managers. “We do not comment on market speculation or rumor,” Mary Zerner, a spokeswoman for the fund manager in London, said by e-mail.
Founded in 2003, Renaissance Asset Managers employs more than 50 people and oversees $2.8 billion in emerging markets, according to its website. Macquarie Renaissance, a joint venture infrastructure fund with $630 million of assets, is not part of the sale, the people said. Damian Secen, head of Macquarie Capital for Russia, declined to comment by e-mail.
Kazimir Partners was founded in 2002 by Mosier and Dmitri Kryukov, both former senior executives at RenCap.
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