Statement re Heart of Africa Fund

    11th December 2008

                      New Star Asset Management Group PLC                      

New Star Asset Management Group PLC ("New Star") gives notice of the temporary
suspension of dealings in its £29 million* New Star Heart of Africa Fund.

Due to a number of events that have caused liquidity in the sub-Saharan markets
to weaken in recent days, along with an increase in redemptions from investors,
New Star, with the agreement of the fund's depositary, Royal Bank of Scotland,
has decided temporarily to suspend dealing in the New Star Heart of Africa Fund
until further notice.

The temporary suspension of dealing is designed to restore sufficient liquidity
to the fund for it to meet redemptions once it re-opens for dealing.

Since launch last November, the fund has performed relatively well amidst the
turmoil of the past year falling 24.4%1. This compares favourably with the
38.8%2 fall in the MSCI Emerging Markets Total Return Index. The FTSE All-Share
Total Return Index has fallen 29.8%2 over the same period.

*Source: New Star - 09/12/2008

1Source: Lipper, mid to mid, net income reinvested, in sterling - 09.11.07 to
09.12.08

2Source: Datastream, total return, in sterling - 09.11.07 to 09.12.08

                                    -ends-                                     

For further information please contact:

Jamie Legg                   UK public relations manager         020 7225 9567



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