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RenCap Director Leaves

Renaissance Capital is losing its managing director and chief strategist, Roland Nash, who is leaving the bank after 14 years, the Financial Times reported Sunday.

Nash will join Verno Capital, a new investment fund. The move caps an exodus of highly rated people from Renaissance, which began in September, and is likely to provoke speculation that there are tensions within the bank.

Renaissance has lost 10 top analysts in the past few months. In October, nine analysts, including head of equity trading Sunil Joshi, left for Moscow brokerage firm Otkritie. In September, the head of fixed-income research, Alexei Moisseyev, left for VTB Capital, the state-controlled investment bank.

One former Renaissance analyst told the Financial Times that he had left because “... the senior management is devoted to geographies other than Russia. It was no longer attractive for me, as it wasn’t clear that I could add value.”  Nash said his decision to leave was motivated solely by the opportunity to work for Verno.

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