Russian dollsRussian asset manager Kazimir Partners has bought Renaissance Asset Managers (RAM), an emerging market specialist with Ucits funds based in Luxembourg.

Kazimir, which is based in Moscow but is also regulated in the UK, says the acquisition will position the firm as a leader in Africa and select emerging and frontier markets.

The value of the deal was not disclosed.

RAM, which is bought from another Moscow-based business, Renaissance Group, has assets under management of $3 billion (€2.3 billion).

In a joint statement the firms say the combination of Kazimir Partners’ hedge fund business and the RAM specialist fund platform will enable the combined business to accelerate expansion in Africa and other frontier markets across product lines and with enhanced distribution and service channels.

RAM’s Ucits funds are already distributed across Europe and the Middle East and have recently been registered in South Africa.

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