The banker responsible for the growth of Moscow-based Renaissance Capital's equities business has been promoted to deputy chief executive and global head of investment banking just months after the bank became the first from Russia to break into the top 10 underwriter rankings for Europe's equity capital markets.

Andrew Cornthwaite, who was hired two years ago from Credit Suisse to build Renaissance Capital's equity capital markets business, has been promoted after overseeing the bank's transformation into one of the biggest underwriters of Russian equity issues.