Russia Market Overview October 2017

Given favourable market conditions for local banks, platforms such as VTB Capital and Sberbank CIB maintain dominant coverage in Investment Banking in the large cap segment, with the likes of Renaissance Capital taking the lead in covering the 300+ mid-market corporates

International firms’ headcount for teams on the ground in Moscow has reduced on average by 48% in IBD, by 71% in Equity Research and 54% in Equity Distribution since 2012, with several key individuals being relocated to London and other strategic hubs. This allowed platforms to retain coverage depth with the possibility of redeploying headcount once market activity picks up

Compensation level for bulge bracket investment bankers based on the ground in Moscow remains comparable on net base salary to London for players that remain pegged to USD / EUR

Quasi-governmental institutions and family offices have benefited from the influx of talent looking for pockets of opportunity in the local market following the restructuring of teams in London and Moscow