New Star is planning to merge its £28.2m Tri-Star Unit Trust into its £47.6m Cautious Portfolio Unit Trust on August 8, 2008, subject to Financial Services Authority and investor approval.
The merged fund will be run by Craig Heron, the current manager of the Cautious Portfolio. The move is part of the group's continuing programme to rationalise its fund range and is designed to improve performance for investors. The funds sit in the IMA Cautious Managed sector where they are both fourth quartile over one year; performance of the New Star Tri-Star fund is -16.37pc and the Cautious Portfolio is -11.34pc (Lipper data at July 9, 2008). New Star believes the merger offers several benefits to investors. First, it should allow investors to benefit from the more flexible investme...
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