New Star International will provide international investors with access to its UK-domiciled funds, w...
New Star International will provide international investors with access to its UK-domiciled funds, with the launch of a new multi-currency service.
The service, which has been rolled out to three of its funds, will allow dollar and euro-denominated investments, along with sterling.
Rob Page, marketing director at New Star, said it had become clear that interest in its UK range would increase if it allowed dollar or euro-denominated investments.
New Star had decided to trial the new service with the New Star Global Financials fund, managed by Guy de Blonay, which has been first quartile since it launched five years ago and was recently AA rated by Standard & Poor's.
The trial will also include the Hidden Value fund, managed by Jamie Allsopp, and the Diversified Absolute Return fund, managed by Paul Craig.
Page said: "We are testing it initially with three funds, the most popular of which has been the Global Financials fund in terms of demand.
"A number of European institutions have looked at the fund and some said they would be very interested if it was available in a euro-denominated investment."
Page said if the trial was successful, it would be rolled out to other funds.
He said the next step in generating demand was to register the funds in different jurisdictions for public sale. He said: "That is a process we are going through at the moment."key points
New Star International launches multi-currency service
Service will be trialled with three UK-domiciled funds
Sterling, dollar and euro investments will be allowed
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