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New Star India fund plans to cover wide range

New Star’s Indian equity fund launches on June 9 and will invest in around 40 stocks and have a minimum investment of £3,500.

The fund, to be managed by Indian business firm Tata Asset Management, will be heavily diversified across sectors at launch, with an 11 per cent holding in industrial capital goods, followed by 9 per cent in consumer non-durables and 8 per cent in finance.

There is a 1 per cent discount on the initial charge until June 27 June and after that initial charge is 5 per cent and annual and 1.5 per cent.

The Ucits III Luxemburg Sicav will be run through a Mauritian subsidiary to steer clear of taxes liable for non-domestic funds that invest in India and then decide to sell securities held for less than a year.

New Star Investment Funds managing director Mark Skinner says: “We believe that local knowledge of the Indian market will be key to generating long-term outperformance and we are delighted to be partnering with such a prestigious organisation as Tata.”


M2 in three-year expansion plan

M2 Financial has unveiled a three-year plan to double assets under management to £800m and treble its number of advisers to 75.

Chris Willford

Last week, Money Marketing said Chris Willford, the recently appointed Personal Accounts Delivery Authority non-executive director, was formerly Bradford & Bingley group financial director. Willford is, in fact, still in the role. We apologise for any confusion caused.


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