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OBSR removes rating on New Star Sterling Bond
Old Broad Street Research (OBSR) has removed the fund ratings on the New Star Sterling Bond, after the new management teams were revealed.
Last week the acquisition of New Star Asset Management by Henderson Group was completed, with the management teams for the New Star funds being confirmed. (See article.)
As a result of the new management teams, OBSR has removed the rating of the New Star Sterling Bond and said it would continue to monitor the situation in relation to all the rated funds carefully as the integration of the New Star and Henderson teams progress.
OBSR added: "Following the information that Phil Roantree will not be joining the Henderson team, OBSR has decided to remove the previously held AAA Rating.
"Stephen Thariyan and Philip Payne, two of Henderson’s investment grade bond managers, will now manage the fund. OBSR will be meeting the managers in due course to discuss their plans for the fund."
The OBSR fund ratings for the New Star funds that have been retained up to this point are the New Star High Yield Bond and New Star Fixed Interest funds, the New Star European Growth fund, New Star Global Financials and its multi-manager fund range.
