New Star merges Growth Fof into balanced vehicle

New Star has merged its £8m equity-only UK Growth fund of funds into the balanced £152.7m Fund of Fu...

New Star has merged its £8m equity-only UK Growth fund of funds into the balanced £152.7m Fund of Funds Portfolio. Head of investment management at the group Mark Harris said this was a purely commercial decision, as the UK Growth fund was not taking in money and had been £8m for five or six years. While UK Growth has pure equity fund exposure, the fund of funds portfolio has 50% in UK equities, 15% in fixed interest and the rest spread across international equities. Harris said: "Investors were sent a letter and given the opportunity to reallocate their investments but the fund of fu...