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Renaissance to merge away Europe fund

by Robert St George on Feb 21, 2014 at 14:07

Renaissance to merge away Europe fund

Renaissance Asset Managers plans to merge its Eastern European Allocation fund into its Ottoman fund, run by Citywire + rated Aziz Unan.

The £29 million Eastern European Allocation fund, managed on a long/short multi-asset basis by Robert Holmes, was originally launched in 1997. Over the past three years it has lost 3.1%.

Ottoman also takes a long/short approach, although it is equity only and its mandate encompasses the Middle East. It has lost 7.3% over the past three years, beating the 16.7% decline in its benchmark MSCI EM Europe 10/40 index.

Renaissance explained that demand for the Eastern European Allocation fund ‘has not reached a level which would be sustainable’, but noted that there was ‘growing demand’ for the £44 million Ottoman fund.

The group added that Ottoman’s approach would not change following the integration, although Renaissance expected the larger combined fund to benefit from ‘economies of scale and lower expense ratio associated with the increased assets’.

The proposal will be put to investors in Eastern European Allocation in March, and if approved the merger will go ahead in April.

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