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New Star merges fund

New Star is merging its tri-star unit trust into the cautious portfolio unit trust next month.

The company believes the fund of fund approach of the new fund will allow it to adapt more effectively than the tri-star three asset approach in changing market conditions.

New Star says the new fund will also provide investors with a wider access of specialist expertise from its fund managers.

The fund’s requirement to produce income was removed as it was said to be restrictive for the manager and stifled potential returns. New Star also amended the fund’s investment policy to allow the use of derivatives and forward transactions.

New Star investment funds managing director Mark Skinner says: “Funds that are constrained by style will suffer when market cycles moves against them and there has been no harsher lesson than the recent credit crisis. Whilst tri-star was designed to be cautious in nature, the unprecedented fall in the value of the three major asset classes highlighted the need for a greater level of flexibility and diversification.”


Turner vows to review TCF

Incoming FSA chairman Lord Adair Turner has pledged to scrutinise the effectiveness of treating customers fairly.

Building bridges

Having spent most of last week with various IFA firms and their clients, I am optimistic about the future of independent financial advice. Zurich estimates that around 27 million people in the UK do not use a financial adviser and it is this huge chunk of the population that may be suited to the proposed money guidance or sales routes to financial security. But two million of this group are deemed high-net-worth and common sense dictates that they should seek independent financial advice – rare is the individual who can take a DIY approach to his financial affairs and be 100 per cent effective.


Investment matters Kira Nickerson

Much has been written recently about the UK’s desire to become an Islamic finance centre, with the Government working to implement tax and regulatory changes to make this possible.


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