- London-based Samuels leaves after 2 1/2 years with company
- Move comes as RenCap cuts jobs amid emerging-market slump
Renaissance Capital named Ruslan Babaev as global head of equity sales after London-based Benjamin Samuels quit, allowing the investment bank owned by Russian billionaire Mikhail Prokhorov to overhaul some management responsibilities.
Babaev will combine the role of global head of equities with his current responsibilities of chief business officer, Moscow-based RenCap said in an e-mailed statement on Thursday. Anthony Simone, the managing director and chief executive officer of RenCap’s New York and London units, will be directly involved in the cash-equities business, taking on a larger role by dealing with institutional international clients, it said.
The company is streamlining structures “to make it more flat” following the departure of Samuels, RenCap said in a separate e-mail. Babaev was previously head of equities at Otkritie Capital International Ltd. and worked in equity sales of Goldman Sachs Group Inc. from 2005 to 2010. RenCap hired Samuels in October 2013 after he left Bank of America Corp. In June, he was also named interim head of research when David Nangle left the company after nine years.
As emerging market stocks and currencies declined and oil prices plunged, RenCap said in September it would cut its workforce by at least 5 percent. That mirrors job cuts at lenders from Morgan Stanley and Bank of America Corp. in New York to London-based Barclays Plc and Standard Chartered Plc as fees slump and regulatory changes pressure profits.
Many RenCap employees, including managing directors, were told in September that their salaries would be cut by as much as 20 percent, according to a person at the bank at the time who asked not to be identified because the matter is private.
While RenCap, which trades across 43 emerging and frontier markets, said it would close its Istanbul office and move Turkish coverage to Dubai and London, the company has opened an office in Cape Town and made other hires. That includes the appointment of James Friel as head of investment banking, Temi Popoola as the CEO of Nigeria and Jon Oosthuyse as a senior sales trader in South Africa following the departure last year of Clifford Sacks, the chairman of its operations in the country.