Renaissance Investment's Remaining CEO Is Departing

Wall Street Journal Europe

May 20, 2009

By JASON CORCORAN

Rod Barker, the U.K.-based chief executive of Renaissance Investment Management, is quitting the Russian fund manager at the end of the month.

Mr. Barker's exit from Renaissance follows the departure of his Moscow-based co-chief executive, Andrei Movchan, in February following a disagreement with RIM's parent, Renaissance Group, over the firm's strategic direction.

Mr. Movchan had been sole head of the division from its inception in 2003 to 2007, when Mr. Barker was hired from London-based hedge fund RAB Capital to take up the role of co-CEO. Mr. Barker is to be succeeded by Brian O'Callaghan, chief operating officer of RIM UK.

"I'm leaving with effect from the end of May to pursue other opportunities," Mr. Barker said. "I'm not yet in a position to disclose what I'll be doing."

Renaissance confirmed Mr. Barker's immenient departure.

The exit of Mr. Barker, a regular on London's television social circuit, coincides with a clearout of its top executives. The Renaissance Group, which includes RIM and the investment bank Renaissance Capital, has cut its staff by 40% since the banking crisis hit Russia late last year. Staffing in their London office had been cut to 71 at the end of April, from 151 a year ago.

Mr. Barker, previously head of prime brokerage of Credit Suisse First Boston, was responsible for building RIM's international distribution and the development of funds focusing on the Middle East, North Africa and South Asia.

RIM, which focused on high-net-worth clients, had built up assets under management to $6 billion by early 2008. Those assets have since fallen due to client redemptions and a drop in stock prices. It managed It had $3.7 billion in assets as of January 1 2009, according to the group's Web site.