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IFAs want quick resolution of Artemis-New Star deal

IFAs are urging New Star to uncover the details of its deal with Artemis after it was announced this week that the two groups are set to merge.

With significant overlap between the two group&#39s fund ranges, advisers are concer-ned that a merger may prove counter-productive.

On Monday, New Star confirmed that it is in talks over a potential merger with Artemis but added that the discussions are likely to take several weeks to complete.

Although the statement did not talk of acquisition, New Star is expected to take a lead in the deal and is reckoned to have the resources to buy Artemis outright.

The move reunites Artemis managing director Jamie Campbell with former boss John Duffield who he worked for at Jupiter.

New Star, which launched this summer, has three funds – UK growth, UK aggressive and European growth – with an income fund set for launch in the New Year.

Artemis also has UK growth, European growth and income funds as well as a UK special situations fund which runs on a similar mandate to New Star&#39s UK agg-ressive fund.

Both New Star and Artemis declined to add to their original statement Hargreaves Lansdown investment manager Ben Yearsley says: “The biggest problem is that this creates uncertainty in investors&#39 minds.

“Coming up to the busiest time of the year for fund managers, it could not be worse timing.

“There seems to be a lot of overlap between the two firms. They have both got very aggressive styles and there is also overlap on the fund range. The quicker that they get this resolved the better.”

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