Investment Week understands Paul Craig, manager of Exeter's Zero Preference unit trust and Zero Port...
Investment Week understands Paul Craig, manager of Exeter's Zero Preference unit trust and Zero Portfolio Oeic, is to move to New Star as part of the deal for the management contracts of 13 of the group's funds.
At present, New Star does not run any split-cap or zero dividend preference-oriented open-ended funds.
The deal, due to be completed this week, will also add a Pacific Growth fund to New Star's stable.
Richard Scott, manager of the portfolio, is set to come across and run the fund alongside Ian Beattie, who manages New Star's Dublin-based Asian Opportunities fund.
The smaller funds in Exeter's stable will be merged into New Star's existing fund range.
These will include Exeter's £6.5m Equity Income fund, run by Max Sclaeffi, the £0.6m European fund managed by Mark Webster, Andrew Hobson's £1.4m Hidden Value Portfolio and £5.1m Smaller Companies funds and Craig's £4.8m Fixed Interest product.
New Star is believed to be paying the equivalent of 3% of Exeter's funds under management, which, being in excess of £300m, would cost in the region of £9m.
£300bn of liabilities
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