New Africa CEO for Renaissance Capital

In 2011, the firm plans to continue to build its presence in Africa, both in terms of market share and geographic expansion.

"We are confident that, under Cliff's leadership, we will make further, significant progress in our African business," said Stephen Jennings, CEO of Renaissance Capital and Renaissance Group. "Cliff is a seasoned African banker who understands well Renaissance's emerging- and frontier-markets strategy."

Expanded business in SA

Sacks joined Renaissance in early 2010. He was instrumental in Renaissance Capital's acquisition of BJM Securities, the South African independent research, sales and trading house, in 2010. As Renaissance Capital's CEO of South Africa and head of African equities - a position he will retain - Sacks has expanded the firm's investment banking and financing business in SA, and identified other opportunities across Africa.

"Renaissance Capital's operations in Africa continue to go from strength to strength, with cross-border deals flowing both in Africa and between Africa and other geographic regions," said Sacks. "With six on-the-ground fully operational offices and over 120 people in Africa, we cover some of the most exciting markets in the world with strong local teams."

Prior to joining Renaissance Capital, Sacks spent 12 years with Merrill Lynch and from 2006 was Merrill Lynch's co-CEO of Africa operations, responsible for the markets business across all products and geographies, including coverage of both local and international clients.