Renaissance Capital cut a quarter of its Moscow research team, less than three months after billionaire Mikhail Prokhorov wrested control of the investment bank from co-founder Stephen Jennings, two people wirh knowledge of the matter said.
Bloomberg reports that RenCap culled at least four of 16 analysts, including Natalya Zagvozdina, who was deputy head of the department and Institutional Investor’s top Russian consumer analyst from 2004 to 2010, the people said, asking not to be identified because the information is confidential. Zagvozdina, who left last week after a dozen years, declined to comment by e-mail.
Milena Ivanova-Venturini, deputy head of equity research and Russia strategist, also left as did consumer analyst Ulyana Lenvalskaya and banking analyst Svetlana Pavlova, according to the people. RenCap’s press office declined to comment and calls to the work numbers of the three women went to voice mail.
In the meantime, The Scotsman reports that The Royal Bank of Scotland will not replace its chief executive of international and markets after the role’s incumbent, John Hourican, fell on his sword over the Libor fixing scandal.
Instead, the international and markets divisions will be split and their heads, respectively Peter Nielsen and John Owen, will each report directly to chief executive Stephen Hester.
The resulting structure of the previously combined investment bank removes a layer of management that “might have happened anyway”, a bank spokesman claimed.