OREANDA-NEWS. November 29, 2011. Renaissance Capital, the leading emerging markets investment bank, has agreed to acquire Istanbul-based brokerage, Mira Menkul Degerler A.S. (Mira Menkul), as part of its expansion into the Middle East and North Africa (MENA) region. Burak Akbulut, Head of Turkey Execution at Renaissance Capital, has been appointed Acting CEO of Renaissance Capital Turkey.

The acquisition expands Renaissance Capital’s platform to serve clients by facilitating trading of equities and derivatives, as well as portfolio management. Mira Menkul is a member of the Istanbul Stock Exchange (ISE) and Izmir Futures and Options Exchange.

Renaissance intends to complete the acquisition, which is pending approval from the Turkish Capital Markets Board, in December 2011, with Mira Menkul to be fully integrated into Renaissance Capital’s pan-emerging-markets platform by 1Q12.

Renaissance Capital’s Istanbul office will primarily engage in trading, brokerage and research, covering Turkey. The Firm plans a number of hires for the Istanbul trading desk, to build on its established research and capital markets capabilities.

Commenting on the acquisition, Mr. Akbulut said, “Turkey is one of the most sought-after emerging markets among debt and equity investors focusing on Europe, the Middle East and Africa. This acquisition complements the build-out of the Firm’s emerging markets franchise, and serves as a gateway to the MENA region. Mira Menkul is an established boutique house, with deep roots in the region and an excellent track record of servicing both local and international clients. Its high-calibre team and client-oriented approach make it a natural fit for Renaissance Capital. We will also continue to work with the local clients by enriching Mira’s service quality with our research products."

Earlier this year, Renaissance commenced trading on the Istanbul Stock Exchange and initiated in-depth research coverage of Turkey’s economy and stocks, specifically in the telecoms, banking and retail sectors. The Firm has also made a number of key hires related to the region, including Saydam Salaheddinfor investment banking across the CIS and CEE (including Turkey); Yavuz Uzay as Head of Turkish Equity Research; and Mert Yildiz as Turkey & Emerging Europe Economist. In 2010, Renaissance Capital advised Do & Co, the restaurant and catering company, on its ISE initial public offering (IPO) – the first foreign IPO on the exchange.