New Star announces changes to fund range

New Star announces that following Financial Services Authority and unit holder approval, the £41 million New Star Monthly Income Unit Trust has merged into the £232 million New Star Managed Distribution Fund. The merger was approved with 98.3% of unit holder votes cast in favour.

The New Star Managed Distribution Fund is managed by Gregor Logan, New Star's chief investment officer. The fund currently invests approximately 70% in bonds and 30% in equities. The bond component is managed by James Gledhill, New Star's head of fixed income, while the equity component is managed by Trevor Green, who joined New Star in June 2008 from RCM. A new share class of the New Star Managed Distribution Fund has been launched giving investors the option to receive monthly income payments. Previously the fund offered quarterly income payments only.

New Star also announces that Nick Sheridan has assumed management of the £29 million New Star Global Equity Fund while Lucy Bernays has assumed management of the £155 million New Star Technology Unit Trust. These appointments follow the recent departure of Hitesh Thakrar, who previously managed these funds.

Nick Sheridan, who joined New Star in July 2007 from Tilney, will continue to manage the New Star European Value Fund in addition to his new responsibilities on the New Star Global Equity Fund. Nick follows a distinctive value-driven approach to investing and will use a similar investment process for the New Star Global Equity Fund.

Lucy Bernays joined New Star in 2001 and is currently co-manager of the New Star Pacific Growth Unit Trust, specialising in North East Asian markets, especially South Korea and Taiwan. Lucy will continue to co-manage this fund in addition to her new role as manager of the New Star Technology Unit Trust.