Moscow-based financier Stephen Jennings is finally giving up control of Renaissance Capital, the investment bank he founded 17 years ago, to his Russian billionaire partner Mikhail Prokhorov.

As Bloomberg reported on Wednesday (and RenCap later confirmed), Prokhorov’s Onexim Group, which bought a 50 per cent stake in RenCap during the 2008 crisis, is now buying the remaining half. Jennings is stepping down as RenCap’s CEO, but will remain chief executive of Renaissance Group, the parent company, which will focus on asset management. Read more