Stephen Jennings to sell up - reports

MICHAEL FIELD
Last updated 08:48 30/01/2013
jennings1 stand
Stephen Jennings is selling his stake in a Russian business.

Relevant offers

Stephen Jennings, the Taranaki-born man once hailed as the richest New Zealander, is reportedly selling his interests in one of the Russian firms he created and that made him a billionaire.

Mr Jennings, through Renaissance Capital founded 17 years ago, made about US$5 billion (NZ$6 billion) before falling on harder times and last year made the National Business Review's rich list with NZ$900 million.

Last year Mr Jennings, 52, stepped down from Renaissance after billionaire Mikhail Prokhorov rebuffed his requests for more cash for the money-losing investment bank.

Mr Jennings left Moscow and is believed to be in Nigeria, but Bloomberg news agency said it could not contact him on his latest moves.

Bloomberg said two people with knowledge of the matter reported Mr Jennings was in talks to sell his asset management firm.

The management of Renaissance Asset Managers, led by Plamen Monovksi, reportedly may acquire control of the firm, with Kazimir Partners Ltd. taking a minority stake.

When he left Moscow Mr Jennings surrendered his stake in Renaissance Capital but kept control of the group's asset management unit, urban development projects in Africa, consumer lending in Nigeria and real estate funds in Russia.

Bloomberg said Mr Jennings couldn't be reached on his Russian mobile phone or through the London offices of Renaissance Asset Managers.

''We do not comment on market speculation or rumour,'' Mary Zerner, a spokeswoman for the fund manager in London, said by e-mail.

Ad Feedback

- © Fairfax NZ News

house strap
Beauty smashes record

New Plymouth's house price record set as home changes hands for $2.81 million.

Brad Anderson
Airs face Giant challenge

The Taranaki Mountain Airs face an uphill battle against the Nelson Giants.

rugby
Smarts and heart

Francis Douglas Memorial College show that size doesn't really matter in rugby.

silo
Mystery silo

An Inglewood family is keen to find out more about a silage silo built on their farm in 1931.

Howard Tuffery's artwork
Artwork stolen

New Plymouth art thieves knew the piece's value - they took its price tag too.

Special offers
Opinion poll

What do you think of the NPDC's decision not to give iwi representation and voting rights?

Agree, it is great for democracy.

Disagree, iwi need to be engaged.

Don't care

Vote Result

Related story: Dismay as iwi voting rights denied

Featured Promotions

Sponsored Content

TDN rachel stewart

Riding Shotgun

with Rachel Stewart

with Gordon Brown

Second Thoughts

with Gordon Brown

Matt Rilkoff's perspective of comtempory life

The Rilkoff Files

Matt Rilkoff's perspective of contemporary life

tdn kathryn collumn

Under the Sky Tower

With Kathryn Calvert

Gordon Burnside

Gordon Burnside

The self-confessed bard of Brixton, offers views on life, politics and Akubra hats.

TDN The Weekend

The Weekend

with Glenn McLean

Family Notices
Small-celebrations-TDN

Celebrations

View marriage and birth notices from around the region

Small-Deaths-TDN

Death Notices

View obituaries from around the region