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New Star fund goes back to offer price after bid move

New Star’s £684m international property fund has gone back to an offer price after it was placed on a bid price last week following an increased level of redemptions.

The fund moved to bid due to two big redemptions, hav- ing seen steady inflows throughout 2008 to that point.

It was launched in May 2007 and has returned 3.3 per cent in the past 12 months under the management of Roger Dossett and Stuart Webster.

New Star says the move was nothing to do with fund liquidity – which stands at 39 per cent, comprised of cash and prop- erty equities.

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