Group plans offices in switzerland and spain, adding two bond funds to dublin range
New Star International is stepping up its presence in European markets with the planned opening of two offices. It is also registering its Dublin range in another five markets in Europe and Asia, as well as adding two bond funds.
Following the appointment of Andre Haubensack as regional director for Switzerland, New Star will open an office in the country. Rob Page, marketing director of New Star, said Switzerland is an important funds market and it is necessary to have a physical presence to service the private banks and wealth managers.
Haubensack has joined New Star from Credit Suisse Asset Management in Zurich, where he was responsible for evaluating, selecting and introducing new fund providers to the Credit Suisse distribution network. He was also a founding member of Fund Lab, a European funds supermarket.
"Over the next few months, we will continue to develop our distribution channels in Switzerland through private banks, intermediaries, fund of funds managers and pension funds," said Haubensack. "We will also analyse the market with a view to expanding our product range for the region to meet future investor needs."
New Star is currently registering its Dublin Oeic in Switzerland. "We did not need to register the funds as we are only dealing with the wholesale market. But some distributors feel more comfortable dealing with registered funds," said Page. New Star expects to gain approval from the Swiss Federal Banking Commission for its Oeic funds this month.
New Star is currently market-testing the idea of adding two bond funds to the range. "We are looking to launch European high yield and emerging markets bond funds. If we feel we have gaps in our equity range then we can bring in funds from our onshore range."
European investors, said Page, have been investing in New Star's onshore as well as offshore range. This is because some distributors have been unable to invest in Dublin funds while they were so small as they did not want to hold high proportions of the fund assets. "This situation is changing as the Dublin funds are growing in size."
To join its offices in London and then Switzerland, New Star will open an office in Spain later this year. Scandinavia is currently being serviced from the UK while New Star has a representative agent in France.
The Dublin funds are registered in Ireland, Denmark, the UK, Sweden, Malta and Hong Kong. As well as Switzerland, it is registering the range in Taiwan, France, South Africa and Finland. In the longer term, New Star plans to register the funds in Singapore.
There are seven funds in New Star's Dublin range: UK Dynamic, Global Emerging Markets, Japan Recovery, Asian Opportunities, European Growth, US Opportunities and Strategic Government Bond funds.
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