Russia’s management companies are diversifying their products by entering international markets. RENAISSANCE INVESTMENT MANAGEMENT (RIM) has reported that it is forming new bank-managed mutual funds (OFBU) together with the RENAISSANCE CAPITAL bank. The funds will be geared towards investments in overseas markets and will use option strategies. So, RIM will offer new strategies unlike mutual investment funds restricted by investment legislation. The minimum investment in OFBU is $50,000. But the amount will be reduced to R100,000. New OFBU will unlikely attract many investors, the RENAISSANCE administration has reported. The bank hopes to draw $10 million to $15m at best in the first two or three months.
Source: RBC DAILY, June 1, 2007
