New Star statement in line with expectations

New Star has issued a mild interim statement highlighting a £1.4bn assets under management drop since...

New Star has issued a mild interim statement highlighting a £1.4bn assets under management drop since the start of the year. The statement said the group has seen net outflows of £0.7bn since the start of the year. UK retail funds lost £249m since the start of 2008 compared to a net inflow of £914m in the same period last year. The statement is confident on the group’s fund performance issues. “The investment performance of our European Growth Fund in the year to date is much improved,” it said. “Our UK investment performance remains mixed but we look forward to the arrival of two ...