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£47m for New Star opps fund in one month

New Star has taken £47m in its Select Opportunities fund, run by Patrick Evershed, since its launch on May 20.

The inflow of cash may have been helped by the Inland Revenue last month allowing investors in Evershed&#39s previous fund, Rathbone special situations, to switch without charge to the New Star fund.

The Revenue&#39s decision went some way to placating investors who bought into the Rathbone fund on the strength of Evershed&#39s reputation.

New Star managing director Mark Skinner says: “Raising £47m for the fund has exceeded all expectations. We are delighted to have received this level of support from IFAs and direct clients during this offer period. It is a testimony to Patrick&#39s outstanding reputation as a fund manager.

“At launch, we announced that the optimum size of the fund would be around £50m, as significantly above this figure may pose liquidity and similar issues in the current market, given its focus on smaller companies. The fund is open-ended so cannot be directly capped. There are a number of measures we can implement to protect our investors such as withdrawing the fund from further promotion.”

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