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New Star nets £250m

New Star Asset Management says it has raised in excess of £250 million during the 3-week launch period of its UK Growth and European Growth Funds. The fund manager believes it could be the most successful open-ended funds launch ever.

The £251.5m is made up of £205.8m received and an estimated £45.7m of outstanding Pep and Isa transfers. Out of this, 5.1% has been received from existing clients, staff and directors of New Star Asset Management, including the managers of the two new funds. Sales of the UK Growth Fund, managed by Alan Miller were £113.5 million. The European Growth Fund, managed by Richard Pease, took in £92.3 million of the £205.8 million received.

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