The co-founder of Renaissance Capital has attempted to draw a line under a dramatic year for the Russian investment bank in which it was forced to seek an emergency $500m (€349m) investment and lay off hundreds of staff as the country’s markets were battered over the past year.

In a memo to staff last week, seen by Financial News, Renaissance Group chief executive Stephen Jennings said the firm was now "fully in post-crisis mode" and would "benefit greatly" from its experiences of the last year.