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New Star given extension on property fund suspension

The FSA has given New Star permission to extend the dealing suspension on its international property fund.

The troubled asset manager was forced to suspend the £674m fund following an increase in redemptions, much of which is understood to have come from institutional investors.

Funds are usually expected to re-open under regulatory rules after 28 days, but given the illiquid nature of property, the period has been extended indefinitely.

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