Renaissance focuses more on Turkey

ISTANBUL - Hürriyet Daily News

Renaissance Asset Managers, which focuses on emerging Europe, Russia and Africa, announced Jan. 26 the acquisition of the investment management mandate for two funds from Griffin Umbrella Fund.

The two funds command assets totaling $116 million. Following the transaction, assets under Renaissance’s management will rise from $2.4 billion to $2.8 billion, according to a press statement.

The first fund, named the Griffin Ottoman Fund, focuses on Turkey, Eastern Europe, the Middle East and North Africa. The $42 million fund, which will be renamed the Renaissance Ottoman Fund, has been managed by Aziz Ünan since 2006, and he will continue in this role.

In comments to the Daily News, Ünan said the fund was “very confident” with the stocks it held. “Despite a strong month in January, [the stocks] still offer good value and a significant upside from current levels, although we may experience short term-corrections on the back of strong performance so far this year,” he said.

The fund currently invests in a range of sectors, but it is particularly optimistic about banking, energy, financial services, telecoms and mining. According to Griffin, Turkey tops the fund’s exposure, with 51.1 percent. It is followed by Russia. Among its top long-term positions are İşbank, Vakıfbank, Garanti Bank and Yapı Kredi Bank. The second fund that was acquired is the $74 million Griffin Eastern European Value Fund, which will be renamed the Renaissance Eastern European Allocation Fund.