RenCap Names Konovalenko Sole Equities Head After Abbott Leaves

Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, named Evgueni Konovalenko as head of Russian equities following the departure of co-head Will Abbott.

Abbott left to pursue other opportunities, a Moscow-based bank spokeswoman said in an e-mailed statement today. Abbott, who had previously headed equity-sales trading at Deutsche Bank AG in Moscow, confirmed by telephone he had left, while declining to elaborate. Konovalenko and Abbott were appointed joint heads of equities in Russia and the Commonwealth of Independent States in October.

Prokhorov’s Onexim Group agreed to buy Renaissance Capital Ltd. in November as Stephen Jennings handed over control of the investment bank he founded 17 years ago. Prokhorov is seeking to turn around the fortunes of a bank that closed operations in China, India, Kazakhstan and Ukraine last year in a bid to halve costs and personnel. RenCap, Russia’s largest organizer of equity sales in 2010, slumped to eighth last year, data compiled by Bloomberg show.

Before it's here, it's on the Bloomberg Terminal.