Reports came in this week that New Star Asset Management, set up by John Duffield, Jupiter's founder...
Reports came in this week that New Star Asset Management, set up by John Duffield, Jupiter's founder, had raised a sentiment-defying £75m for two of its new funds just 10 days into their three-week initial offer period. Even Duffield admitted he'd never witnessed so much enthusiasm.
And all this against the current backdrop of market volatility and investor anxiety - you couldn't really pick a worse time to be launching a fund.
Along with the jubilation, however, city whispers had questioned whether the group's administrative set-up would be able to cope with this tsunami of investment, given that New Star confessed it would typically expect to raise £30m to £50m during an entire offer period.
Rest assured though, when questioned about this potentially overwhelming influx of investment, marketing director Rob Page waved off concerns saying the group was more than capable of handling it. An investment of £2bn or so in the launch period and 100,000 new customers he confidently argued may have been more of a challenge.
Page explained: "We use a third party administrator called IFDS, over at Brentwood, one of the biggest TPAs for fund administration. They have ample capacity and volumes aren't a problem.
There's a lot more capacity available, that's something we made sure of before putting in place the administrative arrangements."
Looking ahead, Page added: "We don't have a publicly disclosed assets under management target for the year end but the £75m has exceeded expectations for the launch period.
"If it carries on at this rate we'll be pleased by the end of the year but that's down to IFAs continuing to support us. All we can do is market the funds and deliver performance.
"We've a lot of confidence in fund managers Alan Miller and Richard Pease to deliver the numbers. They're obviously an integral part as to whether we do brilliantly well or average."
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