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Has there ever been an investment bank quite like Renaissance Capital? Over the past two decades, the Moscow-based outfit has gone from zero to hero and back again twice, ploughed a (not always profitable) furrow in Africa, and entertained grand ambitions of being a truly global emerging-market operator.
It flirted – or was flirted with – on a regular basis by larger suitors, regularly rebuffing their advances until, at the height of the financial crisis, Mikhail Prokhorov’s Onexim Group made the hobbled brokerage an offer it couldn’t refuse.
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