UK - New Star Asset Management has closed its second institutional/high net worth offering, the Capital Guaranteed European Hedge Fund, at $130m.
The fund - a mix of UK and European equities - is managed by New Star’s head of European equities, Richard Pearse, and the firm’s chief investment officer, Alan Miller.
New Star - which is primarily known for its retail activities - said it is holding discussions with consultants regarding its institutional merits.
New Star managing director Philip Goldsmith said: We are delighted at the success of this new fund and the support received from institutions and financial advisers throughout the world.
The fund is part of a range of funds that New Star International will be launching for international investors.
The fund’s closure brings the total amount raised by New Star for its international guaranteed hedge funds up to $310m. Under the capital guarantee, HSBC will ensure that at least $100 per share is repaid to New Star fund shareholders when it matures in December 2006.
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