View more on these topics

New Star in the making

The official launch of New Star Asset Management last week was perhaps the

most hotly anticipated event in the fund management industry for over a


As founder John Duffield was quick to point out, no fund manager has ever

started with such momentum or the confidence to claim that they will be a

major player from the start.

But New Star will still have to work hard to capture the support of IFAs.

While most recognise that Duffield has both the resources and ability to

create a successful fund management business, the setting is now very

different to when he established Jupiter 16 years ago.

He set up Jupiter as an entrepreneur in his mid to late 40s. He is now 63

and aspires to be bigger than Jupiter.

Furthermore, not all IFAs are completely sold on the star fund manager

culture, which New Star is set to foster. With no benchmarks and no

constraints, there is a degree of extra risk to every fund which, although

often worth it, can backfire.

Last month, Invesco Perp-etual star European fund manager Rory Powe told

how he had made some bad decisions during the tech boom last year.

He admits that some inv-estors who got in at the top will take three years

to rec-over from the poor performance which followed.

Nevertheless, Duffield has built an impressive team around him. Richard

Pease and Alan Miller are two of the best known European and UK fund

managers and their rec-ords so far are exemplary. If Duffield can continue

to rec-ruit managers with such high a profile as these two men – which he

says he will do without poaching from Jupiter – IFAs will find it hard to

ignore New Star.

In Mark Skinner, Mark Hilliam, Greg Jones and Rob Page, Duffield also has

a very strong sales and marketing force. All have extensive experience in

the IFA market from their previous positions at Norwich Union and Barings

and are likely to be able to drum up considerable support through their old


The first two retail offerings – Miller&#39s UK growth fund and Pease&#39s

European growth fund – are set to be launched on July 2, with several more

to be added before the end of the year.

An equity income, special situations and international funds have all been

mentioned as priorities.


Companies unaware of cost of group income protection

Most companies recognise the benefits of income protection yet still do not buy it, according to research by Norwich Union Healthcare.The research shows 70 per cent of companies see how group income protection can facilitate staff recruitment and retention, but think they don&#39t need it or it&#39s too expensive, while 59 per cent of firms […]

Premier zeros in on growth

Premier Portfolio Managers has introduced the Premier zero preference fund, an open-ended investment company (OEIC).The Oeic is aimed at investors who are looking for capital growth by investing in low risk securities. It will also appeal to those investors looking to defer their capital gains tax allowance.Premier’s Oeic will invest in the zero dividend preference […]

Common currency seriously flawed

As a member of the Conservative Party , I am happy to confirm my position(with a degree of technical knowledge and experience too) – which is that acommon currency, as a concept, is seriously flawed economically and I shallvote against it every time. The only vote worth using to this end on June 7 is […]

CA calls for shareholders to foot bill for reviews

The Consumers&#39 Association is calling on the FSA to ensure that companyshareholders foot the bill for the pension and mortgage endowment reviews. CA senior policy adviser Mick McAteer is concerned that policyholders maypick up the tab for the reviews in response to the PIA&#39s regulatory update89 and in anticipation of the outcome of the windfall […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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