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Johannesburg - Renaissance Capital Holdings Ltd., the Russian investment bank controlled by billionaire Mikhail Prokhorov, said Robert Lamprecht has replaced Clifford Sacks as chief executive officer for South Africa.

Lamprecht joined RenCap in January as head of African sales after 13 years at Bank of America Merrill Lynch, the Moscow- based company said in an e-mailed statement today.

Lamprecht “brings 24 years of industry experience, has excellent client relationships across the world,” RenCap chief executive Igor Vayn said in the statement.

Sacks, who was appointed chief executive in 2010 after 12 years at Bank of America Merrill Lynch, will become chairman of RenCap in South Africa with responsibility for originating investment banking and equity capital markets business across Africa.

RenCap said on February 11 that it plans to open an office in Dubai to take advantage of rising demand for assets in the Persian Gulf and Africa. RenCap began operations in Africa in 2006 and has offices in Johannesburg, Nairobi and Lagos.

African Alliance Securities said it hired Tony Marcia as chief executive of its capital markets business after he left RenCap last year.

Marcia, who spent 20 years at Merrill Lynch & Co. as a director and head of equity trading, will oversee equities, derivatives, bonds and currencies at the Johannesburg-based company, he said in an interview today.

Marcia was head of Africa execution at RenCap where he worked for about three years. - Bloomberg News