New Star chairman John Duffield says New Star posted a strong first quarter this year, as the firm prepares to list on the London Stock Exchange.
Net inflows into UK retail funds were £780m compared to £536m in the corresponding period in 2006. Meanwhile, net inflows into international retail funds of £703m, compared to £159m in the corresponding period in 2006.
Taking the international and UK mutual fund sales together, retail inflows so far this year have been approximately 62% into equity products, 23% into property products and 14% into bond products.
Speaking at the group’s AGM, Duffield says: “New Star continues to make strong progress. The group’s assets under management have increased to approximately £24.8bn at yesterday’s date, up from £21.1bn at 31 December 2006. Net inflows of assets for the year to date are £2bn.
“We are currently launching an international property unit trust. This will give retail investors the opportunity to invest in physical commercial property in some of the world’s major economies and is currently unique in the UK retail market. Early signs are that this product will be well received.”
The New Star chair also said the group was well advanced in the process of returning capital to shareholders. Subject to Court approval, he anticipates the group’s shares will list on the London Stock Exchange from 13 June with the cash payment to shareholders made by 25 June.
“Subject to movements in financial markets and to external events, we remain confident that 2007 as a whole will be another year of strong growth and progress for New Star,” Duffield adds.
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