Stephen Jennings, who founded and ran Renaissance Capital for two decades before giving up the day-to-day running of the business in 2007, has reclaimed the chief executive job and brought in several new executives as part of plans to transform the Russian investment bank into a leader in emerging markets.

Alexander Pertsovsky, who replaced Jennings as chief executive three years ago, has been moved back to the position of president and first deputy chief executive, while the current president Ruben Aganbegyan, has been made a second deputy CEO, according to a statement by the firm.