Renaissance sets £500m goal for Ucits

Renaissance Asset Managers has set a target of more than doubling the funds under management in its Ucits range to reach £500m by the end of the year.

It currently has £220m in assets in Ucits. The company is also aiming to reach £1bn by the end of 2012.

The company is to focus on distribution in the UK after recruiting former Cofunds head of strategic relations and Fidelity FundsNetwork sales director Ron Gillies as head of UK sales earlier this month.

It is planning to add sterling share classes to the six funds in the range to make the funds more attractive to UK investors.

Gillies says: “We have got the products and need to focus on distribution. UK investors tend to manage their investments in sterling and for many advisers, a sterling share class is a prerequisite in their selection process.”