An investment agreement which saw New Star run £1.4bn of assets on behalf of Family Assurance Friendly Society has been cancelled.
The child trust fund (CTF) provider today gave notice to New Star of termination of the contract, which it says will be transferred to a new manager on 1 December.
Family, which looks after the CTF accounts of more than 500,000 children, told New Star it intends to have the funds managed predominantly on an index-tracking basis by the new manager.
New Star was first appointed as investment manager by Family in February 2004 for a four-year period and was reappointed in February 2008 on a rolling three-month basis.
New Stars assets under management were £19.1bn as at 27 August.
020 7484 9791
First mentioned in Cridland Report
Second acquisition of 2019
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Four key areas to focus on
And 94% for critical illness