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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
New Star | LSE:NSAM | London | Ordinary Share | GB00B1VJF742 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
26th November 2008 New Star Asset Management Group PLC New Star Asset Management Group PLC ("New Star") gives notice of the temporary suspension of dealings in the New Star International Property Fund. As market conditions and investor sentiment continue to deteriorate, there has been an increase in the level of redemptions from the New Star International Property Fund, mainly from a few institutional clients. This has had an impact on the fund's liquidity. New Star, with the agreement of the fund's depositary, Royal Bank of Scotland, have, therefore, reluctantly decided to suspend dealing in the fund until further notice. This suspension of dealing is designed to restore sufficient liquidity to the fund for it to meet redemptions once it re-opens for dealing. New Star intends to minimise the period of suspension. We are, however, mindful that fair value for all investors needs to be achieved when disposing of assets given the weak market environment. We cannot, therefore, estimate how long the suspension may last at this stage but we will continue to communicate with our investors and their advisers throughout the process. The New Star International Property Fund has performed relatively well amidst the turmoil of the past year. Through its diversified real estate portfolio, the fund has to a significant degree protected investor value. Since launch on 4 June 2007, the fund has fallen 9.2%1 compared to a 39.9% 2 decline for the FTSE All-Share Total Return Index and a 34.4% 2 decline for the MSCI World Total Return Index in sterling terms. At yesterday's valuation point, the fund's gross income yield is 4.2%3. The fund's net income will continue to be paid during the suspension period. Stuart Webster, New Star's head of global property, says: "It is with great reluctance that New Star has temporarily suspended dealing in the New Star International Property Fund. The fund has demonstrated that a portfolio such as this has valuable diversification benefits in difficult times. The fund's focus on diverse asset quality has the potential to deliver strong long-term returns to investors." 1Source: Lipper, bid to bid, net income reinvested 04/06/07 - 21/11/08. 2Source: Datastream. 3Source: New Star. -ends- For further information please contact: Jamie Legg UK public relations manager 020 7225 9567 Richard Wilson Marketing director 020 7225 9575 Polhill Communications 020 7655 0540 New Star Investment Fund's website is www.newstaram.com. Important information * New Star was founded in June 2000 by John Duffield, previously the founder of Jupiter Asset Management. * New Star currently has a range of UK retail funds. These include funds covering UK and international equity growth, UK equity income, bonds, UK and international property and specialist areas such as global financials, investment trusts and technology as well as global and regional funds of funds. * New Star won the Citywire Team All Stars Award in 2004, 2005 and 2006. The award recognises consistent performance on a risk-adjusted basis across 15 key IMA sectors. * New Star employs approximately 38 0 people and has offices in London, Dublin, Madrid, Milan, Zurich, Bermuda and Hong Kong. * At 30 September 2008, the group's total funds under management stood at approximately £16.7 billion. Past performance is not necessarily a guide to future performanceand yields are not guaranteed. END
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