RL360 Closing to subscriptions: Renaissance Sub-Saharan fund

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Closing to subscriptions - Renaissance Sub-Saharan fund

Renaissance Asset Managers have advised that they intend to close their Sub-Saharan fund to subscriptions as the fund has almost reached capacity at a fund size nearing US$200 million.

Impacts on
these products

As Renaissance will stop accepting subscriptions into the fund, we have made the decision to remove it from our guided architecture products Quantum, Oracle and Paragon with immediate effect. This means that new investors will not be able to access the fund. 

 

However, existing investors already holding the fund within their Quantum, Oracle or Paragon policy will be given 60 days notice to allow them time to consider an alternative fund to switch into. This means they can continue to invest in the fund until 3 September 2013, at which stage they will need to redeem their holding in the fund and transfer to another fund available to their policy. 

 

Letters have been issued to affected policyholders, or their appointed investment advisers, advising them of the closure. A copy has been sent to their servicing adviser for information. Sample letters can be viewed opposite. 

 

We are pleased to advise that we will be replacing the Sub-Saharan fund with an alternative emerging marketing fund. The Renaissance Pan-African fund was launched in October 2012 and is managed by the same fund manager, Sven Richter. Investing across the African continent, the fund has experienced a similar performance pattern to the Sub-Saharan fund. The fund can be accessed through Quantum, Oracle and Paragon with immediate effect.