By Andrei Skvarsky.
Renaissance Capital plans to hire a staff of 15 by the end of 2010 for an office the Moscow-based investment bank has just set up in Hong Kong.
The employees will include sales and trading staff and four or five senior investment banking professionals with a focus on metals and mining, Rencap said in a news release.
The office will distribute securities from Russia, Central Asia, Eastern Europe, Africa and other emerging markets to institutional investors, as do the London and New York offices of Rencap, which also expects to have a light investment banking presence on the ground in Beijing by the year end.
"Russia is the largest commodities producer in Asia. Asia, and China in particular, is becoming the world’s largest consumer of commodities,” said Jeremy Sparrow, a former head of equities and international sales at Rencap who has been seconded from London to lead the Hong Kong office as chief executive.
Rencap chief executive Stephen Jennings said: “The centre of global capital for emerging markets is moving east, and we expect Hong Kong to be the greatest beneficiary of that process.”
“There are large pools of Asian capital, both sovereign and private, looking for commodity-driven ideas,” said Sparrow. “Renaissance Capital has a dominant position in these resource-rich geographies and we believe we are ideally positioned to intermediate these flows.”
Rencap is in the process of obtaining licences from Hong Kong’s Securities and Futures Commission for its office.
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