New Star loses £1.4bn Family mandate

The child trust fund (CTF) provider today gave notice to New Star of termination of the contract, which it says will be transferred to a new manager on 1 December. Family, which looks after the CTF accounts of more than 500,000 children, told New Star it intends to have the funds managed predominantly on an index-tracking basis by the new manager. New Star was first appointed as investment manager by Family in February 2004 for a four-year period and was reappointed in February 2008 on a rolling three-month basis. New Stars assets under management were £19.1bn as at 27 August. Cont...