The initial success of the New Star property fund was more by accident than design, admits John Duffield.New Star bought Edinburgh Fund Managers in October 2003, including a 120m property fund which was selling well despite a lack of initial marketing. Duffield says: “After about six months, we noticed the property fund was adding around 200, 000 a day without us doing anything and we thought maybe there is a demand so we began promoting it in a big way. Now it is the best-selling property fund.” He says growth came about after investors became disillusioned with equities in the three-year bear market and started looking at alternative investments. Duffield says: “Commercial property unit trusts were not sold to the man in the street until about two or three years ago and we take some of the credit for that. “They give a reasonable yield but, unlike a bond which has a fixed yield, historically rents go up and you have the prospect of capital gains so it is a kind of alternative to equity income with the security of bricks and mortar. We believe we created a market there on the use of the word ‘diversify’.”
Fifty-seven cross-party MPs have signed an early day motion backing Money Marketing’s No Advice No Protection campaign. The EDM was tabled by LibDem small business spokeswoman Lorely Burt in March to highlight concerns over the lack of consumer awareness about direct sales having no redress to the Financial Ombudsman Service. It calls for the Government […]
The practitioner panel and the FSA are rowing about the quality of the regulator’s mystery-shopping exercises.
Gartmore Japan manager Chris Burling is set to join New Star after working his six-month notice at the firm.Burling ran the Japan Opportunities fund at Gartmore as well as an off shore Japan Sicav and the Japanese portion of the Asia Pacific investment trust.He resigned after the group’s £500m May management buyout with private equity […]
Resolution Asset Management has recruited Grant Shotter and Wilfred Willwong from Barings to be partners in its new emerging markets boutique, Hexam.
Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]
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