September 22, 2017, 14:04 / Finance

Alexander Pertsovsky resigns as head of BofA Merrill Lynch in Russia

His place will be taken by Andrey Sergeev, who headed the investment banking unit Emma Terchenko

Alexander Pertsovsky leaves the post of head of BofAMerrill Lynch in Russia / Sergey Porter / Vedomosti

The new head of the Russian office of Bank of America Merrill Lynch will be Andrey Sergeev, who previously oversaw the bank's investment banking business in Russia. This was announced by BofA Merrill Lynch himself. Sergeev will also head the bank’s corporate and investment business in Russia.

The former head of BofA Merrill Lynch in Russia, Alexander Pertsovsky, “will continue his career outside the company,” the bank said in a statement. Pertsovsky plans to leave his post at the end of 2017. The investment banker refused to comment to Vedomosti on his future plans, as did the representative of BofA Merrill Lynch in Russia.

Pertsovsky has headed the Russian division of BofA Merrill Lynch for the past five years. Pertsovsky, 49, has been on the Russian stock market almost since its inception and is one of the most experienced managers in the industry. In 1992, he founded the Rinako Plus company, which until 1998 was one of the largest Russian brokers, but during the crisis it was sold to Uralsib. In 2002, Pertsovsky came to Renaissance Capital, where he became co-head of the stock trading group, soon headed it, and in 2007 became chairman of the board of the investment bank.

Sergeev has been with BofA Merrill Lynch since 2015. Before that, he was a managing director in the Moscow office of Morgan Stanley, where Sergeev worked for the previous 10 years.

Merrill Lynch opened a representative office in Russia in 2004 and received a broker's license in 2007. Now the brokerage company Merrill Lynch Securities ranks 10th in terms of trading volume of shares and shares on the Moscow Exchange; in August its trading turnover exceeded 30 billion rubles At the end of March 2016, Merrill Lynch Securities had 2.3 billion rubles. assets, follows from the latest published reports on the broker's website.