New Star is looking to launch a UK small and mid cap fund as well as a European Blue Chip offering d...
New Star is looking to launch a UK small and mid cap fund as well as a European Blue Chip offering during the fourth quarter, writes Robert Stock.
The new funds would stand alongside the New Star UK Growth and New Star European Growth unit trusts launched this week, which are managed by Alan Miller and Richard Pease respectively.
The prospective launch of two further new New Star funds in the UK and European arenas follows reports in Investment Week that the fledgling asset manager, aiming to repeat the success that founder and New Star chief John Duffield brought to Jupiter, is to launch an equity income-style fund and a North American fund.
The UK smaller and medium cap fund is the format for the UK special situations style fund, which New Star had indicated earlier this year that it intended to launch. New Star admitted there were a number of products in the planning stage, however, the exact form and timing of each has yet to be finalised.
The news comes as New Star has signed a distribution agreement with online funds supermarket Fundsdirect to distribute its European and UK unit trusts, representing the opening of a direct channel to retail investors. New Star has a deal with Skandia under which the Southampton-based firm has exclusive rights to distribute the New Star funds into the intermediary channel until April next year.
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