New Star International has launched its seventh fund within its Dublin-based Oeic ' the New Star Strategic Government Bond Fund.
The fund invests in a portfolio of government bonds denominated in US dollars aiming to produce a potential yield of 4-5% (net of charges) as well as providing the potential for capital growth.
The firm has also made headway into the Hong Kong market, after the country's Securities and Futures Commission authorised the sale of New Star Global Investment Funds in the jurisdiction. The range of funds are also being registered with the Malta Financial Services Authority for sale in Malta.
'New Star's successful launch and track record in the UK demonstrates that our focus on star performers is capable of delivering for investors,' said John Duffield, chairman of New Star Asset Management.
'We are committed to making a similar impact on the Hong Kong and Maltese markets. We already have three funds that are ranked top quartile in Hong Kong and our new bond fund offers access to one of the best fixed income teams in the UK market.'
The annual management fees for the New Star Global Investment Funds are 1.75% for equity funds and 1.25% for bond funds. There are no redemption, transfer or switching fees.
Three of the seven New Star funds are ranked as some of the best performing funds in each of their sectors since their launch in August 2002 to 30 May 2003.
New Star European Growth, managed by Richard Pease, came in second (out of 101 funds in its peer group) in the S&P Offshore Territories ranking.
New Star Japan Recovery, managed by Michelle Sanders, came in fourth (out of 160) in its peer group ranking. While New Star UK Dynamic, managed by Tim Bray, took 48th place (out of 193) in its peer group.
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