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New Star announces merger of trust and fund

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New Star has announced that following Financial Services Authority and unit holder approval, the GBP41m New Star Monthly Income Unit Trust has merged into the GBP232m New Star Managed D

New Star has announced that following Financial Services Authority and unit holder approval, the GBP41m New Star Monthly Income Unit Trust has merged into the GBP232m New Star Managed Distribution Fund.

The merger was approved with 98.3 per cent of unit holder votes cast in favour.

The New Star Managed Distribution Fund is managed by Gregor Logan (photo), New Star’s chief investment officer. The fund currently invests approximately 70 per cent in bonds and 30 per cent 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 has also announced that Nick Sheridan has assumed management of the GBP29m New Star Global Equity Fund while Lucy Bernays has assumed management of the GBP155m New Star Technology Unit Trust. The appointments follow the recent departure of Hitesh Thakrar, who previously managed the 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.

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. She will continue to co-manage this fund in addition to her new role as manager of the New Star Technology Unit Trust.

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