OREANDA-NEWS. January 11, 2012. Renaissance Asset Managers (“RAM”), the specialist asset manager focused on Russia, the CIS, Emerging Europe and Africa, today announces its appointment as investment manager of Griffin Eastern European Fund, a sub-fund of Griffin Umbrella Fund plc. As a result, total RAM assets under management increase from USD 2.4bn to USD 2.7bn. This appointment is an important milestone for RAM as the USD 252m Dublin domiciled Irish UCITS fund, registered for distribution in Germany, Austria, Switzerland and Sweden, marks RAM’s entry into the German-speaking market. The fund will be managed by RAM’s Chief Investment Officer Plamen Monovski and Karol Chrystowski, Co-Fund Manager of the Renaissance Emerging Europe Fund.

Griffin Eastern European Fund invests in Eastern Europe and Turkey and is complementary to RAM’s existing portfolio of funds and core areas of expertise. It is one of the oldest funds in the sector, which gained significant interest immediately after its launch in October 1998. Already widely owned by retail investors across Germany and Austria, this increase in scale will further enhance the fund’s appeal to the mainstream market and private banking platforms. For RAM, it will open up the German-speaking market and reinforce the firm’s leadership position in emerging markets fund management expertise.

The Renaissance Emerging Europe Fund (ISIN: LU0545677238, Bloomberg: RAMEELC LX), has been among the top performers in its peer group since its inception. In addition, it is one of the few funds in the sector to raise significant assets against the backdrop of a turbulent year for emerging market equities.

Commenting on the transaction, Plamen Monovski, CIO, said: "Despite providing some of the most spectacular returns to investors over the last ten years, Eastern European equity markets still continue to be amongst the world’s cheapest. We see tremendous promise from these under-owned assets as a new phase of rebuilding takes place in the region."

Dr. Peter Zurhorst, Head of Germany and Austria, based in Munich, added: “We are delighted to be able to welcome our new German and Austrian clients to the Renaissance business. This acquisition is an important development in the growth of our business in Europe and is a clear indication of our commitment to the German-speaking market. In 2012 we will focus on expanding our client base, broadening clients’ knowledge of the breadth of our product offering and deepening our relationships with German distributors.”

Adrian Harris, Head of Distribution and Investor Relations, said: “With this transaction we build on the USD 200m Luxembourg fund range that we founded in 2010 to provide our institutional clients with the scale and opportunity, as well as the excellent investment performance, they have come to expect. We will continue to build the UCITS business through organic growth and future acquisitions. RAM is not afraid to invest in its business, despite these difficult markets and at a time when others are cutting back.”