stephen jennings renaissance

It’s similar today”, he says.“I lived in Russia for 20 years and it was an incredible experience”, says Jennings.Watch the second interview of the project, “The Russian Stock Market: A Contemporary History”.About the \"The Russian Stock Market: A Contemporary History\" project: The modern financial system originated in 1991, when, after a forced lull in the Soviet years, the stock market, infrastructure, and related instruments were developed. "If we don't change, the future is quite predictable. This view saw Jennings and a colleague break away from Credit Suisse First Boston to set up Renaissance Capital as an investment bank in 1995. Three years later, he and his partners created Renaissance Capital, which became one of the country’s largest investment banks. It needs to look at the way they are non-ideological and "wide-awake". "Without being melodramatic, I saw it as making a difference," he says. "We've had a lot of government involvement in many aspects of our lives. After living in Moscow for six weeks, he decided to stay. He worked on electricity reform with American economist Vernon Smith - now a Nobel Prize winner for economics. They have four children, aged 6 to 15. Bright spark The tall (2m) rugby-lover studied business at Massey University and economics at Auckland where he graduated with first class honours. risks and opportunities. Just as Russia went through growing pains, so did Renaissance, nearly going under in 1998 when the economy collapsed and the Government defaulted on its debt repayments.

Jennings says Russia is easy to bag. So what is he thinking? Last month, Forbes magazine put his stake in Renaissance Group at $5.2 billion, much higher than previous estimates of his wealth at $1.6 billion. For the free-market economist and former New Zealand Treasury official, the disintegrating Soviet Union had shadows everywhere. Jennings estimates that during his time with Renaissance, the bank attracted around $200 billion in foreign investment funds into Russian assets. His line is that if Russia was a once-in-a-lifetime opportunity, then Africa is a second-in-a-lifetime opportunity.

Stephen Jennings is a pioneer of capital markets in Africa and Central & Eastern Europe, responsible for over $200 billion of investment flows to these regions.

It needs to embrace the opportunities in emerging economies, like he has. "There was a huge amount of dislocation, there was a huge amount of corruption, there was a huge amount of asset-stripping," Jennings says.

In the next 20 years, two billion people will join the middle class." Communism had collapsed, and while Jennings was there to help get capitalism in place - "people literally didn't know what private ownership meant". Jennings is Renaissance Group's chairman, chief executive and the main stakeholder as it expands to Africa. Since 2012, Stephen has focused on Rendeavour, of which he is the largest shareholder. "But if you wanted to start an industry based on pure market transactions, you didn't face those same issues."

Where would he start? He's known to party hard: Renaissance Group once hired a 18th century palace and flew the United States waterski team in entertain guests with stunts on its lake. "You had to be a little bit crazy and have a medium-to-long-term view." He is defensive about it, once criticising British Prime Minister Tony Blair for making a "rash statement" that investors would turn away from Russia because of concerns over democratic principles. Some believe Jennings could be New Zealand's richest man. He can even walk anonymously along Oakura beach, 12 kilometres southwest of New Plymouth. Oligarchs like Roman Abramovich made a killing by buying the up the country's assets. Jennings had seen a similar factory sold in Poland for more than $100 million. We have a very comprehensive and very generous and in my view, excessive, welfare system. The financier had to beat Lehman Brothers and other international heavyweights to dominate investment banking in Russia.

He sees New Zealand as dominated by "powerful interest groups". Expert insights, analysis and smart data help you cut through the noise to spot trends, "I believed in a lot of the myths and sacred cows about New Zealand and the New Zealand economy," he says. She has a collection of Russian art, and set up the Sotheby's auction house in Moscow. Jennings says New Zealand's Polynesian explorers had the values needed for the modern economic world - adventure, exploring, risk, pushing into the unknown - and that heritage is still there. Asked to elaborate, he says, "the health area, environmental issues, the size of Government" and the way they are "sacred cows". 'Heart-racing' 4.6 magnitude quake rattles Christchurch, Paekākāriki seaside house: The perfect place to record an album, Guy Fawkes night: Fire crews attend 15 call-outs around the country, Slight reprieve in wild weather before turbulent weekend, Canterbury town named safest in New Zealand, Live: Trump's hopes teeter - Biden closes gap in two key states, 'absolutely confident' of presidency, George Floyd death: Judge orders former police officers be tried together. "I'm not going to let anyone label me. None of those policies have been unwound. Won't many just see him as a Rogernome who became a billionaire pillaging his way around economies that didn't know better? He says the free market wasn't just good for him, it was good for Russia.

He's keep out of politics as much as possible, but kept connected people close to him. He fears New Zealand could be left behind in this. Born in Waitara's old maternity hospital, the farmer's boy spent his early years in Awakino, north Taranaki, then moved to Oakura, a beach village 12 km southwest of New Plymouth. So what for New Zealand? He also has shares in a company here with Bill Trotter (son of Sir Ronald) who was the subject of a foiled kidnap plot in 2002. Renaissance has ploughed more than half a billion dollars into everything from real estate to banking, and plans to quadruple this investment. Jennings knew them - they were his clients. He's ready to give away his low profile here, saying he wants to pass on what he's learnt. Jennings, the man who sees what others can't. There were no laws in place to facilitate the sale, says Jennings, so "during the day we'd draft a decree and send a note to the president (Boris Yeltsin) saying 'if you want to meet your target for six weeks you've got to pass this presidential decree"'. The Bolshevik Biscuit Factory seems an unlikely place to start the story of a Taranaki boy who became a billionaire. Connections Jennings' plays it down, but Renaissance Group needs international political contacts and Vladimir Putin, Colin Powell and Tony Blair are among them. "It felt," says Jennings, "like we were driving into a very dark place." It has resources, a good education system, "the best management in Africa, is in a high growth region, with a seven million-strong diaspora that will come back if things go well." "I believe if you scrape a few layers of the top, and, to be colloquial, with a little bit of boot in the bum, we can reinvigorate those values." He's a big name in the international business press.

Jennings and his colleagues needed to find, then persuade, a guinea-pig enterprise to sell, not easy when entrepreneurship had long been viewed as a crime.

He says the Bolshevik Biscuit Factory was the pilot for 5000 more privatised companies in the next three years - more than had been done in the rest of the world in total. He has been living and working in emerging markets for more than 25 years.

"Being told that agriculture shouldn't be subsidised and should stand on its own two feet was a pretty radical idea." Jennings sees an economic reordering of the world coming - a "convergence". Jennings stayed on when others didn't. Jennings says too much government involvement entrenches "really dangerous values" and that "the mainstream" New Zealander would agree with him. Despite this, Jennings is still relatively unknown here in New Zealand. Stephen Jennings is very tall — about six feet seven.

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