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Harris says he wants to stay with New Star

New Star head of fund of funds Mark Harris says he wants to stick with the firm following its acquisition by Henderson.

Harris says a merger of the Henderson and New Star multi-manager businesses is a “good fit” despite other opportunities in the market.

Harris says he and co-head Craig Heron understand that there are overlaps in certain sectors, such as the active and cautious funds, but that these can be worked out to create a coherent offering to the IFA market.

He says: “The important thing to realise is that we would like to stay with the assets that we have built. 2008 was a horrible year for New Star. When you have been with the assets for a long time, you want to put that right.”

Henderson’s multi-manager head Bill McQuaker is understood to be taking an increasing emphasis on his role as head of equities, a position he took on last September as part of a management shake-up.

Harris says he expects up to 20 per cent more consolidation in the multi-manager market but believes stockbrokers may look to join the foray.

He says: “A number of these guys have huge balance sheets and it may make sense for them to enter multi-manager to do better deals for some of their smaller clients.”


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