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. Last Updated: 07/27/2016

Brunswick Takes Reins of Renaissance Fund

Brunswick Capital Management (Cayman) Ltd. has taken over as investment manager of the Renaissance Russia Growth Fund.

The decision was approved by 84 percent of the fund's shareholders, Brunswick officials reported.

"Our business survived in last year's crash and we intend to grow now," said Florian Fenner, partner with Brunswick Capital Management (Moscow).

The company currently has $130 million under management, Brunswick reported in a news release issued Tuesday night.

These holdings consist exclusively of Russian securities.

"We put asset management business on the shelf and focused on investment banking and equity sales," Joseph Strubel, director of Renaissance Capital Asset Management, said.

The Renaissance Russia Growth Fund has $10 million under management, Strubel said.

Renaissance Capital has no other funds under management.

In the wake of the August 1998 crash, most fixed-income funds closed their doors, and equity business was only slightly more successful.

In February, Templeton liquidated its Templeton Capital investment fund after it failed to acquire the minimum amount of assets required by the Federal Securities Commission.

CS First Boston liquidated all but one unit fund it had in Russia. CSFB explained that it kept the equity fund only to avoid losing a funds management license.