View more on these topics

New Star sees £3bn outflows

New Star is looking to build on its emerging market offering after its Heart of Africa fund grew to £52m in the first five months.

The company believes that increased economic growth trends and reduced political risks mean that UK investors are set to increase their emerging market exposure in the future.

Heart of Africa, managed by Jamie Allsopp, launched last October and took £34m in its three-week offer period.

New Star said last week that its funds have seen outflows of 12 per cent this year, falling from £23.3bn to £20.3bn, as a result of volatile market conditions.

Last year, assets under management increased by 9 per cent from £21.1bn to £23.3bn. However, changing market conditions have seen outflows compared with the second half of 2007. Net revenue rose by 29 per cent last year to £173m and operating earnings were up by 36 per cent to £98m from £72m.

Chairman John Duffield says the current market is the most challenging time for New Star since it began trading in 2001.

The company’s share price plummeted from 452p to 91p between July 2007 and March this year but shot up by 15 per cent on Tuesday this week to 107p.

Duffield says: “We expect this to be a year of consolidation. Our company has entered a more challenging environment, with a diver- sified mix of funds covering a broad range of asset classes and a wide range of retail and institutional clients, in the UK and overseas.”


House purchase loans up slightly in February, says BBA

House purchase mortgages were 43,870 in February, up slightly from 43,732 in January, says the British Bankers’ Association.Remortgaging decreased to 72,193 from 79, 926 in January while equity withdrawal increased to 40, 669 from 39, 477.The share of remortgaging is now close to half of all approvals.BBA says that by contrast, house purchase approvals have […]

Paternoster secures pension assets of Morrison Bowmore Distillers

Paternoster has taken on the assets of the pension fund of Morrison Bowmore Distillers.Morrison Bowmore is one of Scotland’s oldest scotch whisky distillers and part of the Suntory Group.The transaction has been agreed on a phased buy-out basis.This means that whilst the scheme members benefit from the security of an insurance policy immediately on transfer […]

Sipp building

I have several personal pensions, some separate share investments and an investment property. How can I use a self-invested personal pension to invest in the shares and the property?

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm