Renaissance Group

History

1995: Stephen Jennings founds Renaissance Group

In 1995 Stephen Jennings founds Renaissance Capital group in Moscow. Jennings actively promotes the foreign investments and a capital inflow to Russia, heading numerous significant projects on financing and transactions of merge and absorption in Russia and in the CIS countries. Firm, being under its management, also expanded the geographical coverage and turned into the leading investor conducting investment activities in the developing and boundary countries and paying special attention to Russia, the CIS countries, Africa and Asia.

2007: CEO Aganbegyan Ruben Abelovich

In 2007 Ruben Abelovich Aganbegyan is appointed the CEO of the company. Held this position till 2009.

2012

Overview of assets

For the beginning of 2012 Renaissance Group rendered services to the field of financing, investments and asset management in the high-perspective developing and boundary financial markets worldwide.

At this time were a part of group:

• "The Renaissance the Credit" (the trademark of CB Renaissance Capital) is the leading player on fast-growing consumer credit market of Russia. Having more than 4 million clients and 11,100 points of sales, personnel the number of more than 5 thousand people and branches in 60 cities of Russia, Renaissance of the Credit is among the leading Banks of Russia (February, 2012).

• Renessans Partners is division of direct investments of Renaissance Group. Under its management there is an asset portfolio in Russia, the CIS countries and Africa volume over one million USD750. The company performs formation, acquisition and sale of investees, beginning from large agricultural, forest and mining holdings to projects of construction of a residential and commercial real estate. Renessans Partners by right takes the place of one of the most advanced companies implementing land projects on the African continent.

• "The Renaissance Asset management" specializes in the investment management in the developing and boundary markets - first of all in Russia, the CIS countries and Eastern Europe. Range of investment funds of the company covers different asset classes and meets needs of investors with the different investment horizons and the attitude towards risk.

• "The Renaissance the Real estate" offers clients the real estate funds more than once awarded different industry awards and renders professional consulting services on investment in this sector, with emphasis on investment opportunities in the field of the real estate in Russia.

• "The Renaissance of Edvayzers" provides individual investment solutions for individuals and corporations, rendering the private financial and consulting services based on a combination of experience and knowledge of all business divisions "Renaissance Group". The company specializes in service of large wealthy customers in Russia, the CIS and Africa locating the considerable capital and aiming at its enhancement.

The website of the company located at the address: www.renaissancegroup.com

Mikhail Prokhorov's Onexim redeems investment bank and CB Renaissance Capital

Renaissance Group began to leave actively the Russian financial market in the fall of 2012. In the middle of November the owner of the company Stephen Jennings sold the most part of the Russian assets to group of ONEXIM of Mikhail Prokhorov. As a result of transaction ONEKSIMU passed two largest bank assets of Renaissance Group — 100% of Renaissance Capital investment bank and 89% of Renaissance Capital commercial bank. Two months later the group sold the Russian retail part of the block of trust management.

2013: Sale "Renaissance Asset management"

In January, 2013 "The Renaissance Asset management" and Alpha Capital was signed by devolution agreements under management of the last open and interval share funds.

In March, 2013 the founder of Renaissance Group Stephen Jennings sold the last part of the Russian business on asset management — Renaissance Asset Management company. Acted as buyers management of the company and Kazimir Partners. As a result from the investment empire of Stephen Jennings there were only African projects of consumer crediting^[1].

This transaction means final sale of the rest of investment business of Stephen Jennings in Russia. In group remained only the African developer "Rendevor" and shortly before it the starting business on consumer crediting in Nigeria.

At the end of 2012 several companies applied for business of asset management of Renaissance Group. "In December it was announced that the company can be sold and that consultations with four potential buyers are conducted. In January there was Kazimir" — noted the source close to RAM.

Transaction amount of the party is not disclosed. By estimates of market participants, it can vary from 1.5% to 2% of net assets value which are under control of UCITS. Thus, from sale "The Renaissance Asset management" Renaissance Group will gain $10-14 million.

"From all sold assets only UCITS are the most transparent and market assets therefore transaction amount, most likely, will be tied to the net assets value of such funds" — the head of the Russian management company from the top ten estimated the transaction.

According to the top manager of one of large investment companies who conducted negotiations on purchase "The Renaissance Asset management", in 2012 Renaissance Group wanted to receive $8-10 million for it. "But we did not become interested in an asset as it is difficult to estimate its business" — the interlocutor noted. According to the CEO Doveritelnoy and investment company of Oleg Mazurov, the Russian players well understand what falls under internal jurisdiction, and not really in what is beyond its limits. "Therefore it is quite logical that management of the company and the foreign company acted as buyers" — the expert notes.

"UCITS are similar to the Russian open-end funds, they rather transparent and are well regulated, but because they are intended for foreign investors, they are uninteresting to us — Irina Krivosheyeva noted — therefore from the very beginning of our negotiations we were interested only in Mutual funds of the company".