New Star’s funds of funds reach £1bn of assets under management

New Star’s fund of funds portfolios have accumulated more than £1 billion of assets under management.

Assets under management have grown from £408 million when the New Star fund of funds range was acquired from Edinburgh Fund Managers on 31 October 2003.

Mark Harris and Craig Heron, who joined New Star from Edinburgh Fund Managers in October 2003, recently celebrated five years of co-managing the New Star Active, Balanced and Managed Portfolios. Under their guidance these portfolios have demonstrated strong performance and a high level of consistency, outperforming their sector averages in both bull and bear market conditions (see performance table below). Mark Harris, Craig Heron and the New Star fund of funds team have won numerous awards, including the prestigious title of ‘Best Multi-Manager Group 2006’.

Phil Wagstaff, managing director of sales and marketing at New Star, said: “Exceeding £1billion of assets under management is highly significant and highlights the positive shift in sentiment towards funds of funds in recent years.

“With our increasingly busy lifestyles, selecting and monitoring a portfolio of investments on a regular basis can be time consuming. It is encouraging to see advisers and investors embracing the potential of funds of funds to provide a ‘hassle free’ way of achieving strong returns. To achieve such performance whilst carefully managing risk is testament to the skills of Mark Harris and Craig Heron.”