View more on these topics

New Star heart of Africa closes – Allsopp not joining Henderson

New Star has closed its heart of Africa fund after selling the assets to an unnamed purchaser.

The group says it has had a number of bidders for the fund, which closed in February due to liquidity issues in sub-Saharan markets.

New Star managing director of retail business development Stewart Cazier says: “This is still subject to some logistical and legal processes within individual African markets, however, subject to satisfactory completion of these processes, we anticipate being able to return the proceeds towards the end of April.

“As we said in February, disposing of the fund’s holdings individually would be a lengthy process given some of the highly illiquid stocks in the fund and, as such, would prevent a full return of proceeds in the relatively short term.

“The final value of the proceeds of sale cannot be confirmed until the caveats and formalities mentioned have been completed. We currently anticipate, however, that they will represent the equivalent of approximately 18p per share held.”

Meanwhile, heart of Africa fund manager Jamie Allsopp will not be joining Henderson at the conclusion of their expected merger on April 9.


Discretionary tips

It is quite a common event for parents or grandparents to put money aside for new born or young children. Some go further and specifically set aside funds to pay for further education in the expectation that the child will attend university. The question is what is the best method of holding investments for up to 18 years?

Liontrust putting faith in its own fund stars

Liontrust chief executive Nigel Legge has suggested that the investment processes of outgoing star managers Jeremy Lang and William Pattisson are outdated and predicts that their replacements will outshine them.


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