New Star assets down across board
Fund manager New Star's asset under management fell in every division in the first four months of 2008, though there has been an uptick in recent weeks.
Funds managed totalled approximately £21.7bn at 14 March, down from £23.1bn at end 2007 but slightly up from £20.3bn a month ago.
UK mutual funds saw a 5.7% fall to £10bn while International Mutual saw the largest percentage fall with a 40% drop to £0.6bn.
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Net outflows from UK retail funds were £249m compared to net inflows of £914m in the corresponding period in 2007, and net outflows from international retail funds of £395m, compared to net inflows £688m in the corresponding period in 2007.
The performance of the European Growth Fund in the year to date is much improved but UK investment performance remains mixed, New Star said. The trading environment remains challenging, it added.
