Fund Times: 8 – 12 December

A difficult week for New Star gets worse; JPMorgan to launch US Equity Income fund; Skandia removes Gartmore from UK equity mandates; and Newton drops Strategic from Corporate Bond fund name.

Tom Whitelaw 12 December, 2008 | 12:25PM
A difficult week for New Star gets worse
New Star has this week been forced to announce the temporary suspension of its Heart Of Africa fund after a number of large redemptions made worse by the closure of the Ghanaian market and trading suspensions in Nigeria. The size of the fund has shrunk to just £29 million before suspension, a steep fall from the £770m of assets under management at the end of July this year. The fund is not expected to open this week but the group does expect it to start trading again in the near future.

Elsewhere there is more bad news for the group as Richard Pease’s offshore New Star GIF European Growth fund loses its biggest single investor. News of Lombard Odier Darier Hentsch & Cie’s head

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Tom Whitelaw  

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