View more on these topics

Evershed hands over reins of New Star select fund

Hargreaves Lansdown investment manager Ben Yearsley says the departure of New Star select opportunities manager Patrick Evershed will not surprise the market.

Evershed’s six-year tenure at the firm ended last week, with management of the £66m fund passing to recent Allianz recruit Trevor Green.

Yearsley says: “Evershed’s departure will not raise many eyebrows as he had underperformed for a significant per-iod of time and, like Stephen Whittaker and Toby Thompson, was one of the managers who was under pressure at the firm.”

The select opportunities fund has had a difficult time in the past three years, having lost 31.9 per cent and sitting in the bottom quartile of the UK all-companies sector.

Green took on Thompson’s equity portion of the managed distribution fund in June.

Informed Choice director Martin Bamford says: “It is well known that New Star is enduring a tough time at the mom-ent and the firm is doing its utmost to ensure that its reputation does not take too heavy a knock. The question is when one fund managers leaves is it likely that more will follow?”

Chelsea Financial Services managing director Darius McDermott says: “There is no hint that Evershed was pushed and to be honest it is a shame as he had done well in the first couple of years following his move from Rathbones. We recommended the fund back then but what has happened the last three years has seen most investors move out following the drop in performance.”

Yearsley says: “New Star has a huge UK range and I would not be surprised if we saw some rationalisation in the future.”


Ex Lloyds chief backs takeover

Lloyds TSB former chief executive Brian Pittman says he is sure that the deal between his former bank and HBOS will go through.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm