Renaissance Ucits funds get green light in Switzerland
Renaissance Asset Managers has gained registration to distribute five of its Ucits funds in Switzerland, following the opening of an office in Zurich in February.
Adrian Harris, head of distribution, said Switzerland is a very important market for the firm, because it remains the premier destination for “anyone who is serious about wealth management.”
He said: “The biggest private banks are based in Switzerland, so this gives us eligibility to work anywhere in the world. We will now be able to target the large distribution platforms to reach sophisticated investors.”
He added the move makes the funds more attractive to cross border private banks. He explained that to market products to clients from other jurisdictions operating through a Swiss bank, the fund needs to be registered in both Switzerland and the relevant client jurisdiction.
Renaissance Asset Managers already has many family office clients in Switzerland, but now it is beginning to target private banks, too.
Family offices remain the key focus, since their investment horizon corresponds to that of the firm.
The funds that have been approved for distribution by the Swiss Financial Market Supervisory Authority (FINMA) are:
• Renaissance Russian Debt Fund
• Renaissance Russian Equity Allocation Fund
• Renaissance Sub-Saharan Fund
• Renaissance Cautious Managed Fund
• Renaissance Frontier Markets Fund
The Luxembourg-registered funds are also distributed in Finland, France, Germany, Spain, Sweden, and the UK.
CEO Barbara Rupf Bee said: “These registrations come at a time when many investors are turning away from developed markets. Currently, we see increased appetite for our Sub-Saharan and Eastern European funds.
“In Russia, unlike other BRIC bond markets, we believe that the economic fundamentals, combined with the announced liberalisation of the bond markets, will provide a catalyst for foreign investors.”