Russia’s Renaissance Group is to sell its investment banking arm to Onexim Group as it moves to focus exclusively on asset management. The terms of the deal were not disclosed.

Onexim is buying the firm’s stakes in Renaissance Capital (the investment bank), Renaissance Capital Investments and Renaissance Capital International Services. Following the deal Onexim will indirectly own 100 per cent of Renaissance Financial Holdings (comprising the investment banking businesses) and 89 per cent of Renaissance Credit, the Russian consumer finance bank.

Onexim, which is a diversified holding company, said in a statement that it is “dedicated to continue developing Renaissance Capital as a premier emerging markets investment bank, and to the further development of Renaissance Credit as a leading consumer lender in Russia.”

John Hyman, a former Morgan Stanley veteran who has been with Renaissance Capital since last year, has been appointed as chief executive of the investment bank. Aleksey Levchenko remains in role as CEO of Renaissance Credit.

The Renaissance Group’s remaining businesses are Renaissance Asset Managers; Rendeavour, its African urban development business; Renaissance Credit Nigeria, a recently-launched consumer lender; and Renaissance Real Estate. The sale of the investment banking businesses is understood to have come from Renaissance’s belief that asset management is its real area of strength and a desire to focus all of its energies on further developing its services in this area.