Andrew Cornthwaite, Renaissance Capital
|Name: Andrew Cornthwaite|
Institution: Renaissance Capital
Date joined: May 2005
Title: Head of capital markets
Previous job before hire: Managing director and head of European equity corporate finance, Credit Suisse First Boston (London)
Years in capital markets: 15
First job in capital markets: ECM junior, JP Morgan
Favourite deal worked on: Freeserve IPO, 1999
Lives in: Cambridgeshire
Heroes: The Wright brothers, Yuri Gagarin, Steve Jobs
In May Andrew Cornthwaite joined Russian investment bank Renaissance Capital in a newly created position as head of its capital markets group, combining responsibility for the firm's equity capital markets and debt capital markets operations.
The decision to leave Credit Suisse First Boston, which Cornthwaite joined in 1998 after its acquisition of his firm BZW, was not an easy one, particularly giving up the security of a job with a well known bulge bracket investment bank for the rough and tumble of the Russian capital markets.
However, Cornthwaite is used to working in a demanding and entrepreneurial business, having spent the years 1999 to 2001 in Frank Quattrone's technology group — a job offered personally by Quattrone, who was impressed with his handling of the 1999 IPO of UK internet firm Freeserve.
Cornthwaite has extensive experience of the Russian markets, working on the IPOs this year of the country's largest food retailer Pyaterochka and that of Sistema, its February IPO was the largest ever by a Russian company.
Cornthwaite worked on this June's $422m IPO of Russia's largest steel company Evraz at two of its lead managers, first working on the float at CSFB, which won the joint-bookrunner mandate, and then joined Renaissance Capital in time to guide the firm toward its London listing.
Renaissance's hire of Cornthwaite is a sign that Russian banks are witnessing a sea change in the way Russian companies access the capital markets, moving more towards bond and share issues.
"Russian money — whether onshore or offshore — is coming to play an increasingly important role in Russian debt and equity issues," he says.
"In a year or so, we'll be doing much larger deals on a domestic-only basis, as Russian trading systems modernise and international investors become more familiar with them."
Russian regulators are pushing companies to list an increased portion of their shares domestically, a trend that will benefit Russian banks, something Renaissance recognises, with plans to hire in DCM and ECM.