Financial News Online
Jason Corcoran in Moscow
February 3 2009
Rory Cullinan, former deputy chairman of private equity at Renaissance Partners, has rejoined Royal Bank of Scotland a month after leaving the Russian buyout group.
Cullinan spent 16 months at Renaissance after joining from buyout firm Permira in August 2008. Prior to that he led RBS' equity finance division and sat on the board for corporate banking and financial markets from 2001 to 2005.
An RBS spokesman said Cullinan had joined the wholesale global banking and markets division and would work on projects where his expertise will add value.
During his prior tenure at RBS, Cullinan was responsible for a portfolio of more than 100 companies. He also presided over a deal that saw RBS buy a controlling stake in Southern Water at a cost of £273m (€302m), becoming a director of Southern Water Capital.
Before joining RBS, Cullinan spent eight years in banking in South Africa, Europe and the US, mainly with Citibank. In 1992 he co-founded Verdoso, a private investment fund, which owned The Sellotape Company, remaining a partner until 2000.
Financial News yesterday reported Cullinan and Richard Olphert, the chairman of Renaissance Partners, had both left the firm, which is part of the Renaissance banking group.
A Moscow spokesman for Renaissance said the private equity team had been pared back to eight from a staff of 12.
Renaissance Partners, which raised a $600m (€467m) fund last year, realised substantial losses through investments in Ukraine and Africa, according to Russian business paper Vedemosti.
Showing posts with label Renaissance Partners. Show all posts
Showing posts with label Renaissance Partners. Show all posts
Tuesday, 10 February 2009
Renaissance Capital parts with private equity pair
Financial News
February 2 2009
Jason Corcoran in Moscow
Renaissance Capital has parted company with two executives, Richard Olphert and Rory Cullinan, in a second round of job cuts at the Russian emerging markets investment bank, according to people with knowledge of the situation.
The Moscow-headquartered bank, run by New Zealander Stephen Jennings, has been cutting costs and retreating to its core Russian market following the sale of a 50% stake in the business last year to billionaire Mikhail Prokhorov.
A Renaissance spokesman declined to comment on the departure of Olphert, chairman of Renaissance’s private equity arm and a leading shareholder. The bank confirmed Cullinan, hired as deputy chairman of Renaissance Partners from private equity firm Permira Partners in August 2007, had left before the start of this year and the private equity team had been pared back to eight from a staff of 12.
Another casualty is global head of communications Simon Moyse, a former adviser to British Prime Minister Gordon Brown hired from UK-based press relations agency Finsbury in September last year.
After cutting a quarter of its 1,500 staff in November, Renaissance Capital insiders said a second round of redundancies is under way. RenCap’s London office, which once had 150 employees, has been reduced to a few dozen staff.
The departure of Olphert, a close ally of Jennings, surprised one Renaissance Capital banker, who said: “Richard was the second largest shareholder after Stephen. They lived close to one another, they went on holiday together on Stephen’s Gulfstream jet.”
Renaissance Partners, the private equity firm which raised a $600m fund last year, realised substantial losses through investments in Ukraine and Africa, according to Russian business paper Vedemosti. A Renaissance spokesman declined to comment on the reported losses.
February 2 2009
Jason Corcoran in Moscow
Renaissance Capital has parted company with two executives, Richard Olphert and Rory Cullinan, in a second round of job cuts at the Russian emerging markets investment bank, according to people with knowledge of the situation.
The Moscow-headquartered bank, run by New Zealander Stephen Jennings, has been cutting costs and retreating to its core Russian market following the sale of a 50% stake in the business last year to billionaire Mikhail Prokhorov.
A Renaissance spokesman declined to comment on the departure of Olphert, chairman of Renaissance’s private equity arm and a leading shareholder. The bank confirmed Cullinan, hired as deputy chairman of Renaissance Partners from private equity firm Permira Partners in August 2007, had left before the start of this year and the private equity team had been pared back to eight from a staff of 12.
Another casualty is global head of communications Simon Moyse, a former adviser to British Prime Minister Gordon Brown hired from UK-based press relations agency Finsbury in September last year.
After cutting a quarter of its 1,500 staff in November, Renaissance Capital insiders said a second round of redundancies is under way. RenCap’s London office, which once had 150 employees, has been reduced to a few dozen staff.
The departure of Olphert, a close ally of Jennings, surprised one Renaissance Capital banker, who said: “Richard was the second largest shareholder after Stephen. They lived close to one another, they went on holiday together on Stephen’s Gulfstream jet.”
Renaissance Partners, the private equity firm which raised a $600m fund last year, realised substantial losses through investments in Ukraine and Africa, according to Russian business paper Vedemosti. A Renaissance spokesman declined to comment on the reported losses.
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