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The Daley Update

New Star Asset Management is to launch its third retail Oeic on October 22. The UK Aggressive fund will be managed by Tim Steer and will invest in a portfolio of 35-40 UK equities. The fund has an initial charge of 5.25 per cent, reduced to 4.25 per cent until November 9. Annual charge is 1.5 per cent. Minimum investment is £1,000 or £100 a month.

The asset management arm of HBOS has recruited David Norman as marketing director. He will report to managing director Gary Mairs. Both joined the firm from Friends Ivory & Sime.

Schroders is offering a 2 per cent discount on its UK mid-250 fund until the end of October, reducing the initial charge to 3.25 per cent from 5.25 per cent.

Exeter is introducing its first pure equities fund this week. The Hidden Value portfolio will aim to achieve maximum returns by investing in UK equities. It will be managed by Geoff Miller and Andrew Hobson. The minimum £50,000 investment is reduced to £10,000 until October 31. During the launch period, the 1 per cent front-end charge is also waived. Annual charge is 1 per cent.

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