New Star’s European Growth Fund and Fixed Interest Unit Trust each exceed £1bn of assets under management

The New Star European Growth Fund and the New Star Fixed Interest Unit Trust have each exceeded £1 billion of assets under management.

The New Star European Growth Fund, managed by Richard Pease, has delivered top-decile performance not only since it was launched in July 2001 but also over one, three and five years. Since launch, the fund has returned 91.6% and has outperformed the IMA Europe excluding UK sector by 45.4 percentage points. The fund is ranked fourth out of 78 funds in its sector over the same period. In recognition of the fund’s strong and consistent performance it is currently rated ‘AAA’ by Standard & Poor’s and ‘AAA’ by Forsyth-OBSR*.

The New Star Fixed Interest Unit Trust aims to offer investors a high level of income through a portfolio that largely consists of investment and sub-investment grade corporate bonds with some cash, high coupon bonds, convertibles and preference shares.
New Star’s highly-experienced fixed income team is led by Citywire AAA-rated Theodora Zemek, manager of the New Star Fixed Interest Unit Trust. In recognition of the fund’s strong and consistent performance it is currently rated ‘AA’ by Standard & Poor’s and ‘AA’ by Forsyth-OBSR*. Theodora is supported by James Gledhill and Phil Roantree and this award-winning and well-respected bond team now manages in excess of £2 billion**.

Ben Robinson, public relations manager, New Star Investment Funds, says: “Richard Pease has the ability to produce top-level performance consistently. He has an exceptional track record and is widely regarded as one of the leading fund managers in the UK. Passing £1 billion in assets under management is testament not only to the faith investors have put in Richard by placing assets with him but also to the outstanding growth that he has generated over all significant periods since launch.

“New Star’s fixed income range comprises four funds, with differing income yields and risk profiles designed to meet the needs of a broad spectrum of investors. Theodora has ensured that the Fixed Interest Unit Trust has offered an attractive level of income while the provision of a facility to draw income on a monthly basis has made the fund a popular choice with investors†.”

*All performance; Lipper, mid-mid, net income reinvested to 24.11.06. All ratings at 31.10.06.

**At 31.10.06

†At 31.10.06 (gross income yield 7.13%, gross redemption yield 4.8%). Yields are net of charges and gross of tax and are not guaranteed.