RenCap’s Global Head of Equity Trading Leaves Amid Job Cuts
(Updates with Akhavan-Malayeri comment in third paragraph.)
Feb. 18 (Bloomberg) -- Payam Akhavan-Malayeri, Renaissance Capital’s global head of equity trading, said he left as the bank owned by billionaire Mikhail Prokhorov extends jobs cuts to sales and trading.
Akhavan-Malayeri joined Renaissance Capital’s London office less than two years ago from Citigroup Inc., where he was co- head of equities trading for Central and Eastern Europe, the Middle East and Africa. His departure late last week came at the same time as Gene Turok, a managing director, and Andrei Anikin, a vice president and 16-year employee, said two people with knowledge of the matter.
“I have left the company,” he said by mobile today. “I am having discussions with others” about potential jobs.
Renaissance Capital is continuing “organizational adjustments to its structure, which reflect the current market environment,” the bank’s press office said in an e-mailed comment. Anikin didn’t answer his office phone in Moscow, and the person who did said he’d left, while declining to be identified. Turok didn’t answer his office phone in New York.
In the first round of cuts since Prokhorov gained control of the investment bank from co-founder Stephen Jennings in November, RenCap last week culled at least four of its 16 Moscow-based analysts, including Natalya Zagvozdina, who was deputy head of the department.
The bank said last week that it hired traders Dmitry Ryzhkov, who previously worked at Alfa Bank, and Yury Nefedov, who had been at Aton Capital.
Prokhorov, ranked the world’s 69th richest person in the Bloomberg Billionaire’s Index with a net worth of $13.9 billion, bought almost half of RenCap for $500 million in September 2008. He gained the other half after rebuffing the request of Jennings, the controlling shareholder, for extra bailout funds, two other people with knowledge of the matter said in November.
RenCap closed its sales and trading operations in China, India, Kazakhstan and Ukraine last year in what it said was a bid to cut costs and personnel. The investment bank, which was the largest organizer of Russian equity sales in 2010, slumped to eighth last year, data compiled by Bloomberg show.
--Editors: Torrey Clark, Steve Bailey