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New Star moves international property fund to a bid price

New Star has moved its £682m international property fund from an offer to bid price.

The group says the move, which came into effect yesterday, is due to a couple of large redemptions from the fund and that the price position should be short term.

New Star launched its international property fund in May 2007. The fund has returned 3.3 per cent in the past 12 months under the management of Roger Dossett and Stuart Webster.

The group says that it is still seeing inflows into the fund and that liquidity remains strong at 39 per cent.

Hargreaves Lansdown investment manager Ben Yearsley says: “They are doing this to protect their clients interests and discourage people leaving. Unlike the UK fund which has been on a bid for some, I do believe this will be a short-term position.”

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