Kazimir Partners agreed to acquire Renaissance Asset Managers to create a $4.4 billion specialist money management firm to invest in emerging and frontier markets, according to a RAM spokeswoman.
Financial terms were not disclosed.
The newly combined firm will be owned by management and employees, with each of the original companies retaining their names. RAM's assets under management total about $2.9 billion, while Kazimir has about $1.5 billion in AUM, both targeting emerging Europe, Africa and the Commonwealth of Independent States, which comprises countries formerly known as the Soviet Union and includes Russia.
Kazimir Partners was founded in 2002 by Frank Mosier and Dmitri Kryukov, former senior executives at Renaissance Group, the parent company of Renaissance Asset Managers.
Founded in 2003, RAM has been on an expansion path outside of its core client base around Russia and Eastern Europe. In 2012, the firm appointed Barbara Rupf Bee — formerly global head of institutional sales at HSBC Global Asset Management — as CEO.
Further information about the management structure of the combined firm was not available at press time. A closing date, which is contingent on regulatory approvals for the transaction, was also not known.