Renaissance acquires two emerging Europe funds

Renaissance Asset Managers (RAM) has taken over two emerging Europe funds, acquiring assets totalling $116 million (£74 million).

The acquisition of the Griffin Ottoman and Griffin Easter Europe Value fund will see both managers – Aziz Unan and Robert Holmes – join RAM.

The Ottoman fund is an equities strategy with a focus on Turkey, eastern European, the Middle East and North African regions, and is managed by Unan.

The Eastern European Value fund is a total return strategy investing in equities and fixed income across the region, and has a 10-year track record.

The move marks the completion of the deal with Griffin following RAM’s take-over of the $252 million Eastern European fund in December last year.

It also boosts RAM’s emerging markets Ucits range to over $570 million.

RAM's CIO Plamen Monovski said: ‘When we started this business, we set out to build the pre-eminent franchise in eastern Europe.

He added: ‘This latest acquisition makes Renaissance Asset Managers an unmatched proposition in terms of fund management strength and depth of resource in eastern Europe.’