Renaissance Asset Managers has been acquired by Russian frontier markets specialist Kazimir Partners for an undisclosed amount.
The combined business will be independent and owned by its management and employees.
Renaissance invests in Russia, emerging Europe, Africa and frontier markets. Its Ucits funds are distributed across Europe and the Middle East and have recently been registered in South Africa.
Kazimir focuses on Russia and former Soviet Union countries.
Renaissance chief executive Barbara Rupf Bee says it aims to to provide clients with well-managed and transparent products in emerging markets.
Kazimir managing director and chief investment officer Frank Mosier adds: “The result of this alliance is a team of professionals with robust international experience and unparalleled local emerging market expertise.
“With the leadership, and financial and human resources provided by this transaction, we will have the critical mass to become a market leader in Africa and select emerging and frontier markets across the globe, as well as in Russia and emerging Europe.”
Hargreaves Lansdown senior investment manager Adrian Lowcock says: “This is not a huge surprise as we have started to see an increase in consolidation activity in Russia in the last three or four weeks. It is important to make sure you have local expertise if you want to invest in this type of market.”