Brind joins New Star as it takes over splits trust

New Star director Ravi Anand says: “We became aware that the board of the fund were considering changing the management team, and pitched for the contract and successfully agreed a deal. Brind is a good manager; he will have access to more resources at New Star and can draw on the experience of our financials fund manager Guy de Blonay.”

Shareholders in the fund include both private individuals and institutions, and the investment trust is aimed at the sophisticated investor, says Anand. He adds: “It is a pure financials fund, is not invested in other split-caps and is different from a conventional financials equity portfolio. Shareholders have been supportive of the move” The Guernsey-based investment trust was launched in December 2000 and has about 60% invested in equities with the remainder in fixed interest securities. Its assets are currently valued at £67.7m and the fund is geared with a £20.3m bank loan. The top three holdings are HBOS, Royal Bank of Scotland and Northern Rock.

An extraordinary general meeting is to be held on April 11 where shareholders will be asked to approve a change of name for the fund. The investment trust is currently managed by Exeter Asset Management, a subsidiary of iimia.