RENAISSANCE UNVEILS THREE NEW UCITS FUNDS
Renaissance Asset Managers, the emerging and frontier markets investment firm, launched three new Ucits funds offering international institutions exposure to fast growing emerging market asset classes. The Emerging Europe Long Short Equity and Emerging Europe Equity Fund were launched last week while it is anticpated that the Russia Debt Fund will be launched on 8 November. This follows last month’s launches of Sub-Saharan and Pan-African Funds. The Emerging Europe funds will be run by chief investment officer Plamen Monovski while the Russia Debt Fund will be managed by Elena Kolchina.
BOLTON FUND TO MAKE SHARES LESS EXPENSIVE
Anthony Bolton’s Fidelity China Special Situation Fund has been so popular that the board is considering ways to make the shares cheaper. Unusually for an investment trust, shares are now trading at a 12 per cent premium over the value of its holdings, which could deter would-be investors. Bolton released a statement earlier this week saying that the board was studying ways to satisfy the “consistently high” levels of demand for the fund’s shares. When the fund was initially launched in April, it received less interest than had been expected, raising only £460m compared to the cap of £650m that was set.