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New Star renames portfolios as Fof sales soar fivefold

New Star is renaming three of its portfolios and offering advisers 5 per cent initial commission across its funds of funds range.

The New Star fund of funds portfolios will be rebadged the New Star balanced portfolio, the New Star performance portfolio will be renamed the New Star active portfolio and global growth will become the tactical portfolio from December 20.

The mandates will not change as the move is designed to ensure their names reflect the IMA sectors that house the funds and, in the case of the New Star tactical portfolio, the way the fund is run.

The initial commission offer is available on funds bought through Cofunds and will run from January 4 to April 29 straddling this tax year and the next tax year.

New Star has seen a five-fold increase in sales and a significant increase in demand for literature for its fund of funds since it acquired the funds and head of desk Mark Harris from Edinburgh Fund Managers a year ago.

As well as greater acceptance of funds of funds in general from IFAs, New Star attributes the increasing interest in its range to its corporate stability and higher profile compared with Edinburgh Fund Managers.

New Star marketing director Rob Page says: “It is an obvious by-product of going from a company with a good deal of corporate uncertainty in terms of ownership to a company where there is no uncertainty. Edinburgh was up for sale for a number of years before we bought it. IFAs were aware of this and may have been reluctant to place their business there.

“We have spent greater amounts of cash than Edinburgh on advertising to IFAs, so the visibility of Mark Harris is higher than it was under Edinburgh.”

The group aims to build on this by taking the fund of funds team out on a 30-date roadshow, which will visit venues from Aberdeen to Truro. The events, which will include an overview of the team’s investment process, will run from January 17 to February 11.

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