Russia’s Renaissance Asset Managers has cracked into the German and Austrian market with the acquisition of an Eastern Europe-focused equity fund from Griffin Capital Management for an undisclosed sum.

The purchase takes total client assets at RAM to $2.7 billion.

The Irish-domiciled Griffin Eastern European Equity Fund with $252 million in assets will now be managed by Plamen Monovski, RAM’s chief investment officer, and Karol Chrystowski, co-fund manager of the Renaissance Emerging Europe Fund.

“Despite providing some of the most spectacular returns to investors over the last ten years, Eastern European equity markets still continue to be among the world’s cheapest,” Monovski said in a statement.

The fund is also available to investors in Switzerland and Sweden.