New Star Investment Funds has broken the £500m mark in funds under management in seven months. ...
New Star Investment Funds has broken the £500m mark in funds under management in seven months. Chairman, John Duffield, was quick to praise the IFA community – he said without their 'tremendous support' the business would have 'unlikely grown so fast'.
The investment group boasted that £500m under management is regarded as a significant milestone for new fund management houses and three out of the five funds it's launched have raised record-breaking amounts.
The New Star Higher Income Fund raised £96.2m in the three-week offer period ended 22 February 2002.
The New Star UK Growth and New Star European Growth Funds raised £251 in July 2001, which the group believes is the most money raised by a UK open-ended fund launch.
The $181m raised by New Star Capital Guaranteed Hedge Fund is thought to be a record for a single-manager equity guaranteed
Duffield added: "The success of our fund launches has shown that this approach is welcome to both intermediaries and their clients."
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