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Renaissance Buys Two Emerging Market Funds From Griffin
Max Skjönsberg
27 January 2012
Renaissance Asset Managers, the UK-listed fund manager focused on Eastern Europe, Russia and Africa, has acquired two emerging market funds from Griffin Capital Management for an undisclosed sum. The two funds, now called the Renaissance Ottoman Fund and the Renaissance Eastern European Allocation Fund, have total assets of $116 million. The former is a UCITS IV-compliant equities strategy focused on Turkey, Eastern Europe, the Middle East and North Africa. It is managed by Aziz Unan, who has now joined RAM. The latter is a total return strategy investing in equities and fixed income across the region. Robert Holmes has been running the fund since 2008 and will continue to do so for its new owner. In December, RAM bought the $252 million Griffin Eastern European Fund, and total assets under management at the company have now risen from $2.4 billion to $2.8 billion. The funds will be distributed in the UK, France, the Nordic region, Latin America, Spain, the Middle East and Russia, as well as building on the existing client base in Germany, Austria and Switzerland.