OREANDA-NEWS. On 02 February 2009 Renaissance Group announced the appointment of Ruben Aganbegyan as Acting CEO of Renaissance Investment Management (RIM). He replaces Andrei Movchan, who is leaving Renaissance Group. Rod Barker will continue as CEO of RIM International and Fund Management.

Aganbegyan, CEO of Renaissance Capital Russia, is a five-year veteran of the Firm and is recognized as one of the leading professionals in the Russian and CIS financial services industry. His deep experience and extensive business contacts will greatly benefit the development of RIM.

Andrei Movchan, the outgoing CEO, has made a significant contribution to the growth of RIM over a period of more than five years, and we wish him well in his future endeavors.

Commenting on these changes, Renaissance Group CEO Stephen Jennings made the following statements:

"RIM is one of Renaissance Group's core businesses and we are fully committed to supporting its growth and development. These changes come at a time of great stress in the industry, but also one of great opportunity."

"RIM and its highly professional team have already established a leading position in Wealth Management in Russia and the CIS. Our goal is to strengthen our position as the leading investment management firm in the region. In the coming months we will be announcing the appointment of some world-class senior investment professionals as well as new initiatives and products," Jennings said.

"We believe that by investing in this business today, we will assist our clients in navigating the current uncertain economic environment and help achieve the ambitious goals we have for RIM and Renaissance Group. Ruben's involvement in RIM is an important step in this process," Jennings said.