Rich-lister loses bank seat, report
Stephen Jennings, one of New Zealand's richest people, has stepped down from the investment bank he helped create after a bid to raise capital failed, according to Bloomberg.
The report claimed Jennings was rebuffed in his approach to Mikhail Prokhorov, a Russian billionaire and 50 per cent shareholder in the firm, for a capital injection to prop up the loss-making Renaissance Capital.
Prokhorov, who bought into the bank in 2008 through his Onexim Group, instead bought Jennings out and it has been reported that he has stepped down as chief executive of the investment bank.
Before the announcement the NBR had estimated Jennings' wealth to be in the region of $900 million on the latest Rich List, down from 2008 when Forbes ranked him as the 1014th richest person on the planet with a fortune of US$1.1 billion (NZ$1.3b).
He will still serve as chief executive of the firm's parent company Renaissance Group.
Under Jennings, Renaissance Capital made a name 17 years ago as one of the firms investing in newly privatised Russian companies and it is credited with helping shape Russia's capital markets.
Taranaki-born Jennings has a track record of recovering from near disaster, having narrowly avoided collapse during the 1998 Russian crisis, and again in 2008 with the global financial crisis, when he took Prokhorov on as a partner after a US$500m capital injection