Henderson has officially confirmed that it will be dropping the New Star name and as a result will undertake a group wide rebrand. Henderson became the fifth largest retail fund manager in the UK after it acquired struggling asset manager, New Star in January of last year.
According to Henderson spokesperson, Jamie Legg, the catalyst for the rebranding is the integration of the Henderson and New Star client administration systems which will happen in early April 2010. At this time, the Henderson New Star name will be replaced with Henderson Global Investors and all funds with a 'New Star' prefix will become 'Henderson' funds. For example New Star European Special Situations Fund will become Henderson European Special Situations Fund.
"At the time of the New Star acquisition, our priority was to minimise disruption for clients and advisers, however, the latest feedback from advisers is that the New Star name has become less relevant and, for many, remains tarnished," commented Mr Legg.
New EIS investment
Highgate Associates and Enterprise Corporate Finance have announced the availability of a new enterprise investment scheme (EIS) designed to maximise value for investors and investee companies. The HG Tech Fund is open to sophisticated investors who have a minimum of £10,000 to invest and who are looking to enhance their investment portfolio with exposure to high growth UK high tech businesses.
The HG Tech Fund is open now for new investment and has its initial close on 4 April 2010. The portfolio will aim for a spread across a number of investee companies and to be fully invested as quickly as possible so that investors can claim their EIS tax relief promptly.
For further information visit www.hgtechfund.com.
Strategic Bonds in demand
Strategic Bond Funds were hot on the heels of corporate bond funds, becoming the third-highest selling sector in the February sales table from Cofunds, an independent platform for financial planning.
Three strategic bond funds made the top 20 of net selling funds with M&G Optimal Income Fund dominating as the third highest selling fund. Henderson Strategic Bond Fund took tenth position while L&G Dynamic Bond Fund just made the top 20 list at number 19.
Cautious Managed Funds continued to lead the sales chart as the highest selling sector, accounting for over 20 per cent of gross money invested in February.