Russian bank opens markets in AIM shares

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Renaissance has recruited a team of market makers from Canaccord led by Robert Towers and Christopher Brown who took a sizeable chunk of the AIM market at their previous employer.

They began making markets in 50 stocks today, including London Mining, Petra Diamonds, Rockhopper Exploration, Falkland Oil & Gas and Ithaca Energy.

Eventually the team plans to build the number of stocks in which it makes markets to 300.

Renaissance, with its background in Russia and the former Soviet states, has already built a strong corporate finance business in mining, metals and resources.

It advised on the biggest AIM deal last year — ENRC's £584 million takeover of the Central African Mining & Exploration Company.

Towers said: "Mining and oil and gas companies have shown tremendous growth since the end of the financial crisis, and we expect a flurry of corporate and financial activity in the sector over the next couple of years, particularly among smaller growth stock listed on AIM.

"We believe in Renaissance's entrepreneurial culture and our ability to grow this business to new levels in the next year."