New Star Asset Management has closed its hedge fund to new business now that it has reached £250m, w...
New Star Asset Management has closed its hedge fund to new business now that it has reached £250m, writes Robert Stock.
The New Star Hedge Fund, managed by Alan Miller and assisted by Tim Steer, has now reached optimum size, according to New Star chief executive Howard Covington.
Originally called the Jupiter Hedge Fund when launched in 1997, it moved with Miller when he came to New Star. At that time it was around £100m in size.
The closure to new business comes as the launch periods for the New Star European and UK Growth funds, managed by Richard Pease and Alan Miller respectively, have raised an estimated £250m.
Pease's fund has taken in £92.3m and Miller's £113.5m. However, with around 4,000 Pep and Isa transfers awaiting payment, New Star estimates that the £250m figure will be reached.
Steer, a UK analyst at Merrill Lynch for nine years, is set to manage a UK smaller and mid-cap companies fund, which New Star has indicated it intends to bring to market later this year.
New Star is unable to confirm that Steer is to be manager of the new fund as plans are still in the development stage but Investment Week understands Steer is New Star's current manager of choice.
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