Rich-lister loses bank seat, report

JASON KRUPP
Last updated 10:49 21/11/2012
Stephen Jennings
SELLING: Stephen Jennings is reported to be selling out of Renaissance Asset Management.

Relevant offers

World

Google CEO Sundar Pichai sees the end of computers as physical devices Box of 'original' flavoured Arnott's Shapes selling on eBay for $60 Carl Icahn warns 'day of reckoning' approaches, sells entire Apple stake Venezuela declares 2-day workweek due to severe electricity shortages Drug-maker hands out world's highest chief executive pay package Australia's human guinea pigs in demand from Asia for clinical trials Hanes makes play for Australia's Pacific Brands SpaceX says it will fly a spacecraft to Mars as soon as 2018 Gorman under fire over Instagram post featuring Chinese factory workers Brexit vote nerves turn overseas investors off UK commercial property - RICS

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

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content