Boris Jordan: A Founder's Journey in Emerging Markets Finance

Boris Jordan played a significant part in the development of Russia’s financial sector, particularly through his involvement in the creation of Renaissance Capital. His career reflects a deep engagement with the economic shifts in the region, from the initial stages of market liberalization to the establishment of key financial institutions.

Forging New Markets

Jordan’s professional journey began by contributing to Russia’s economic transition during the early 1990s. He provided assistance in the establishment of the Russian stock market and the privatization of state-owned enterprises. His work during this period involved close collaboration with Bruce Gardner, who directed the Russian Center for Privatization under the government. This foundational experience laid the groundwork for his subsequent ventures in the financial world.

From 1992 to 1995, Jordan co-led the Moscow operations of Credit Suisse First Boston alongside Stephen Jennings. During his tenure, this entity, initially known as Credit Suisse First Boston AO and later CS First Boston, emerged as a prominent investment bank within Russia. It was actively involved in various financial activities, including privatization efforts, corporate finance advisory, and securities trading. A notable achievement during this period was the establishment of the Russian Direct Investment Fund. These years were crucial in shaping the financial infrastructure of a transforming economy.

Founding Renaissance Capital

In 1995, Jordan co-founded Renaissance Capital, an investment group, once again collaborating with Stephen Jennings. This new firm was established in Russia with a dedicated focus on Russian and broader frontier markets. Renaissance Capital quickly developed a comprehensive suite of investment banking services. These offerings included expertise in debt and equity capital markets, mergers and acquisitions, and trading in equity and equity derivatives. The firm also provided services in fixed income, foreign exchange and its derivatives, commodities products, prime brokerage, and research, alongside REPO and financing solutions.

Renaissance Capital expanded its operational footprint beyond its Moscow headquarters, establishing offices in major financial hubs such as London and New York, as well as key emerging markets like Lagos, Nairobi, Cairo, and Nicosia. This geographic spread underscored its ambition to serve a diverse client base across various regions. The company, which later became part of the ONEXIM Group in 2012, continued to operate as a significant player in its specialized markets, demonstrating substantial financial metrics with billions in total assets and hundreds of millions in equity and reported net profits as of mid-2021.

Diversified Business Leadership

Following his initial work with Renaissance Capital, Jordan embarked on further entrepreneurial and leadership roles. In 1998, he launched the Sputnik Group Ltd., a diversified holding company where he serves as president and CEO. This entity manages the Sputnik Funds, which are recognized as among the largest foreign private-equity funds investing in Russia. The Sputnik Group’s portfolio includes proprietary investments across various sectors within Russia, such as insurance, specifically Renaissance Insurance, forestry, telecommunications, and media. Additionally, it holds investments in companies outside Russia.

His career also included a period in media leadership. From 2001 to 2003, Jordan held the position of CEO at the Russian television channel NTV, and concurrently served as CEO of Gazprom Media, a media holding subsidiary of Gazprom. More recently, Jordan has taken on the role of executive chairman at Curaleaf, an American company.