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New Star multi-manager funds downgraded

Old Broad Street Research (OBSR) has downgraded New Star’s multi-manager range for failing to meet expectations.

The fund ratings service held a multi-manager ratings meeting and decided to downgrade four funds to ‘A’ from ‘AA’ and another four to ‘unrated’ from ‘A’.

A release says OBSR acknowledges the potential of newly combined teams as a result of Henderson’s takeover of New Star. However, it said the performance profiles of the New Star funds of funds, which are run by Mark Harris and Craig Heron, have failed to live up to expectations.

New Star Active, Balanced, Managed, and Tactical now have ‘A’ ratings while American, Asian, Cautious and European are now ‘unrated’.

There is no change to the multi-manager range run by Bill McQuaker, which retain their ‘A’ ratings.

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