New Star has moved its bricks and mortar International Property fund to a bid basis after a small num...
New Star has moved its bricks and mortar International Property fund to a bid basis after a small number of exceptional redemptions pushed it into net outflow territory. The group said the bid price, at which it buys back units from investors who wish to redeem, has fallen by approximately 3.2% to its cancellation level. New Star was keen to stress the move is nothing to do with fund liquidity – it now has a liquidity level of 39% comprised of cash and property equities. The level is so high because managers Stewart Webster & Roger Dossett have so far opted to wait before entering the ...
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