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New Star may merge UK fund

Advisers believe New Star’s hidden value may be the next fund to be merged in its UK range.

They suggest that Tim Steer’s UK alpha fund is a likely destination for the £37m hidden value fund if a merger took place. A New Star spokesperson says the firm continually reviews its range but there are no current plans to merge hidden value.

The fund, which has been run by Jamie Allsopp since November 2003, has struggled on performance in the past few years, with the fund bottom quartile in the IMA UK all companies sector over one and three years. The fund is down by 52 per cent in the past 12 months.

Earlier this year, New Star merged its UK special situation fund managed by James Ridge-well into UK alpha.

Meanwhile, concerns persist over the future of the comp- any ahead of its interim results on Friday.

According to an equity research note issued by Citigroup on November 6, a breach of covenants over New Star’s reported £236m of debt cannot be ruled out but is likely to lead to a restructuring rather than forced asset disposals.


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