New Star announces stellar first half

clock

New Star Asset Management announced a strong first half with net UK retail sales up 54% to £1.1bn for the six months to June 30.

Assets under management rose 17% over the period to £24.7bn while net revenue was up 39% to £86.5m. Operating earnings increased 58% to £48.1m. In the UK market, New Star’s share of net retail sales was 17.2% while total UK funds totalled £11.1bn, up from £9.7bn at 31 December 2006. The group also had a strong first half for its international business with sales outside the UK up 313% to £743m. The group managed to weather recent market turbulence reporting net inflows of £487m into UK retail funds between 1 July and 26 September including £172m of fund inflows from the transfer of Tilne...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read