Renaissance Capital, the Russian investment bank, has opened an office in Geneva to serve its international wealth management clients. Renaissance bank has poached Philippe Magistretti, head of private banking of Swiss bank Union Bancaire Privée, to run the business. Neil Harvey, deputy chief executive of Renaissance, told WealthBriefing the Russian bank was opening in Switzerland to provide bespoke wealth management services for its growing number of high net worth clients. Renaissance's fund arm Renaissance Investment Management has almost $4 billion in assets under management. The company targets the top segment of the market and clients with a minimum investment size of $1 million. Actually, the average account size in excess of this, at over $6 million, while the largest single account is just above $100 million. Renaissance said it provides clients with a high level of service, an individual approach and flexibility in the management of their investment such as a no redemptions fee policy. Mr Magistretti joined UBP in 2004 from Lazard Freres, where he was a partner. He was previously head of the French derivatives operation for the American International Group, the US insurance giant. His new title is chief executive of Renaissance Investment Management Switzerland.