industry news
New Star has finalised a period of strong, acquisition-led growth with the purchase of Edinburgh Fund Managers' Oeic sub-funds and retail unit trusts from Aberdeen Asset Management. New Star expects to assume the management of approximately £840m in unit trusts and Oeic sub-funds on behalf of more than 70,000 retail clients. Of the funds to be managed, approximately £400m is in fund of funds products. At completion, New Star will pay Aberdeen a consideration of £33m that will be financed from a combination of existing cash resources, bank facilities and new equity. After completion, wh...
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