Onexim sells Renaissance Capital's Russian business to management

MOSCOW. Nov 14 (Interfax) - Onexim Group has sold the Russian business of Renaissance Capital, including Renaissance Capital-Financial Consultant, Renaissance Broker and RenCap Management Company, to the investment company's management, led by Maxim Orlovsky, Vladimir Kurov and Igor Danilenko.

The deal has been closed, with all the necessary approvals having been received, the parties reported on Wednesday.

Renaissance Capital plans to stick to its current business strategy and focus on serving the largest institutional and retail clients, the statement said.

"Renaissance is a good and promising asset. We are pleased to pass it into good hands while retaining partnership relations," Onexim Group CEO Dmitry Razumov was quoted as saying in the press release.

Orlovsky, the CEO of Renaissance Capital in Russia and the rest of the CIS, said his team intends to focus more on developing trust management, where it sees unrealized demand.