Constellation, the fund of boutique funds offered by Credit Suisse Asset Management, began dealing l...
Constellation, the fund of boutique funds offered by Credit Suisse Asset Management, began dealing last week with 9% invested with New Star Asset Management.
Managers Gary Potter, Rob Burdett and Kelly Prior placed 4% of the fund with the £100m New Star European Growth fund, run by Richard Pease, and 5% with the £130m plus New Star UK Growth fund, managed by Alan Miller.
As well as the New Star UK fund, Constellation's other UK holdings are in the £18.9m Liontrust First Income, £313m Liontrust First Growth, £14.7m Artemis UK Special Situations and £98.1m ABN Amro UK Select Opportunities, all at 5% of the portfolio, giving a total exposure to the UK of 25%.
Potter and Burdett have had money invested with Liontrust's Jeremy Lang since the boutique's creation from River & Mercantile Asset Management in 1999.
Constellation was launched in order to offer intermediaries diversified access to star fund managers at boutique management houses, where managers have a freer hand and are highly incentivised on performance. The portfolio, which is bottom-up driven, is also designed to give intermediaries the ability to buy into funds that they may not ordinarily have access to.
In Europe, as well as the New Star offering, Credit Suisse has placed 5% of assets in the £14.5m Artemis European Growth managed by Derek Stuart and the £63.1m CF Odey European.
It has also established 4% positions in JO Hambro European and the Thames River European funds.
In Japan, Constellation has placed 10% with Scott McGlashen's Close Finsbury Japan Equity fund, which has around £8m under management, although the forthcoming launch of a long only portfolio from Jamie Salter could, Burdett said, see assets placed at Polar Capital as well.
Currently the holding in McGlashen's fund is the highest in the portfolio by 3%.
'Managed separation update'
The chairman discusses his surprise holiday job
Three months on
Regulator has stepped in