New Star to close Japan fund

The portfolio of the £5.5m New Star Japan fund, acquired from Edinburgh Fund Managers in 2003, will be liquidated, and the proceeds invested in the £105m New Star Pacific Growth fund, managed by Ian Beattie. The Pacific Growth fund is in the IMA Asia Pacific ex Japan sector, meaning investment in Japanese stocks is prohibited. A spokesperson for New Star said: “We have taken the view that we have given Japan enough time but Asia excluding Japan has outperformed. If things pick up, we would probably go back into Japan, but there is so much more going on in Asia Pacific markets that we need...