Renaissance AM buys Griffin East European funds
Renaissance Asset Managers, a specialist asset manager focused on emerging and frontier markets, has bought the investment management mandate for two further Emerging European funds within the Griffin Umbrella Fund. The funds’ managers join Renaissance in London and continue to manage the funds.
RAM takes on the management of the Griffin Ottoman Fund, a UCITS IV equities strategy with a focus on Turkey and broad Eastern European and MENA equity exposure, and assets of $42m. The fund is to be renamed the Renaissance Ottoman Fund. Aziz Unan, who has managed the fund since its launch in January 2006, will continue to manage the fund and joins Renaissance Asset Managers’ emerging Europe team in London.
RAM’s second acquisition is the Griffin Eastern European Value Fund, to be renamed Renaissance Eastern European Allocation Fund. This fund is a total return strategy investing in equities and fixed income across the region, with assets of $74m. Robert Holmes has been running the fund since 2008 and will continue to do so at RAM.
This development follows the acquisition of the Griffin Eastern European Fund, one of the oldest emerging markets funds, announced in December 2011. The Griffin Eastern European Fund has assets of $252m, while the two new funds have assets totaling $116m. Following this final transaction, total RAM assets under management will rise from $2.4bn to $2.8bn.
This acquisition adds to RAM’s existing portfolio of funds and core areas of expertise, says RAM. It will commence distribution of these funds with its dedicated distribution team covering 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.
Unan said: “We are delighted to be joining Renaissance Asset Managers which now has the pre-eminent Emerging European equity fund management team.”
Holmes added: “We look forward to the enhanced access to distribution that Renaissance Asset Managers brings to a strategy that is well suited to family offices across Europe.”
Plamen Monovski, Renaissance Asset Managers CIO, said: “When we started this business, we set out to build the pre-eminent franchise in Eastern Europe. I am proud to be joined in London by such a strong team from Griffin. This latest acquisition makes Renaissance Asset Managers an unmatched proposition in terms of fund management strength and depth of resource in Eastern Europe.”