Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, hired Bank of America Corp. (BAC:US) Merrill Lynch equity trader Ozlem Turgay to become head of sales in Turkey.
“If the business goes well and we can make a case, I’m certainly very happy for her to hire people to help her,” Benjamin Samuels, global head of equity sales at RenCap, said in an interview in Moscow today. Turgay starts at RenCap next week and will be based in Istanbul, he said.
The Turkish market will see six months of earnings downgrades before stocks rebound and climb for two to three years, said Samuels, who joined RenCap this month after 15 years at Bank of America. RenCap also plans to initiate research coverage of Greek banks this quarter after the nation was cut to emerging-market status by MSCI Inc. (MSCI:US), he said.
RenCap named Igor Vayn as sole chief executive officer earlier this month after John Hyman, who had shared the job, decided to leave. The company cut back expansion into faster-growing emerging markets and closed sales, trading and research operations in Kazakhstan, Ukraine, Beijing and Hong Kong.
RenCap will announce a “whole series” of deals out of Africa, including initial public offerings, this quarter, Samuels said without providing further details.
South Africa remains an “incredibly important” market for RenCap and the bank has made staff additions to its team in Johannesburg, said Samuels, who declined to provide further details. Robert Lamprecht, a managing director at Bank of America in South Africa, will become of head of Africa sales at RenCap in Johannesburg, a person with knowledge of the move said on Oct. 22.
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