Renaissance lands two Griffin emerging Europe mandates
Double swoop marks third major deal between Eastern European specialist and rival.
Markets
by Chris Sloley on Jan 26, 2012 at 10:26
Renaissance Asset Managers has bolstered its presence in the Eastern European fund markets by taking over two emerging Europe fund mandates from its rival Griffin Capital Management.
The acquisition of the two fund mandates – the Griffin Eastern European Value and the Griffin Ottoman funds – marks the third in a series of fund acquisitions by Renaissance from Griffin which began before Christmas.
Renaissance said, when combined with the $212 million Griffin Eastern Europe equity fund mandate it took over in December, it had boosted its assets under management from $2.4 billion to $2.8 billion.
The $42 million Griffin Ottoman fund will be renamed the Renaissance Ottoman fund and invests in Turkey, Eastern Europe and the MENA equity markets.
It has been under the management of Aziz Unan since its launch in January 2006 who will join Renaissance's London office.
Meanwhile, the second fund, the $74 million Griffin Eastern European Value fund, will become the Renaissance Eastern European Allocation. This long/short equity absolute return fund is managed by Robert Holmes and invests in both equity and fixed income.
A spokesperson for Griffin told Citywire Global the Renaissance announcements were not outright purchases of the fund but meant Griffin had appointed Renaissance as the new investment manager for the two funds. Griffin said it remains the distributor of Renaissance Eastern European Fund Class A Shares.
The spokesperson added Griffin would retain control of the Griffin European Opportunities fund. The $31 million long/short equity absolute return fund is currently managed by an investment committee following the departure of manager Markus Rezny.
Over the past three years the Griffin Eastern European Value fund has returned 37.75%, while the Citywire Alternative Ucits benchmark has risen 7.57%. Meanwhile, over the same period, the Griffin Ottoman fund has returned 55.63% while its benchmark, the MSCI EM Eastern Europe, has risen 80.86%.
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