Prokhorov Said to Rebuff Rencap Funding Pleas Before Buy
This article is for subscribers only.
Stephen Jennings, who founded Russia’s Renaissance Capital 17 years ago, will step down after billionaire Mikhail Prokhorov rebuffed his requests seeking more cash for the money-losing investment bank, said two people with knowledge of the talks.
Prokhorov’s Onexim Group, which purchased almost 50 percent of the lender for $500 million four years ago, received two approaches for additional funds in the past year from Jennings, said the people, who requested anonymity because the talks are private. The billionaire instead sought full control and plans to return the securities unit to profit, the people said.