New name and aims for New Star Pacific fund
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Henderson New Star is to change the name and investment objectives of its New Star Pacific growth fund.
The fund is to be renamed the New Star Asian dividend income unit and will change from a capital return fund to a total return fund that seeks both income and capital.
Other proposed changes include making use of derivatives as well as taking the annual management charge of the fund from the capital rather than the income. The group is also looking to increase the frequency of distribution from half-yearly to a quarterly basis.
Henderson director of pan- Asian equities Mike Kerley is to take on the management of the fund from Andy Beal. Beal continues to run the Henderson Asia Pacific capital growth portfolio.
Beal assumed responsibility for the fund from Ian Beattie after the Henderson New Star deal in April. Beattie has remained with the firm to work on the institutional side of the business.
Kerley, who also manages the Henderson horizon Asian dividend Sicav, says the changes will offer exposure to Asia growth but with lower volatility.
He says: “The Asia Pacific reg-ion is no longer solely the preserve of investors seeking growth. After a decade of corporate restructuring and more prudent governance, it is also a region capable of generating steady, consistent streams of income for investors. This fund aims to capitalise on the long-term opportunities to be found throughout the region by investing in companies offering an attractive yet stable dividend yield.”
Head of equities Bill McQuaker says: “Investors will be well served by Mike and prudent investors seeking income outside the traditional hunting ground of the UK should consider the Asia Pacific region.”
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