At the Annual General Meeting of New Star Asset Management Group PLC ("New Star" or the "Group"), to be held at 12 noon today, John Duffield, chairman of New Star, will make the following statement:
"New Star continues to make strong progress. The Group's assets under management have increased to approximately £24.8 billion at yesterday's date, up from £21.1 billion at 31 December 2006. Net inflows of assets for the year to date are £2.0 billion. These include net inflows into UK retail funds of £780 million compared to £536 million in the corresponding period in 2006, and net inflows into international retail funds of £703 million, compared to £159 million in the corresponding period in 2006. Taking our international and UK mutual fund sales together, the mix of our retail inflows so far this year is approximately 62% into equity products, 23% into property products and 14% into bond products.
We are currently launching an international property unit trust. This will give retail investors the opportunity to invest in physical commercial property in some of the world's major economies and is currently unique in the UK retail market. Early signs are that this product will be well received.
We are now well advanced in the process of returning capital to our shareholders. Subject to securing the necessary Court approvals for our Scheme of Arrangement and to satisfaction of the other outstanding conditions of the Scheme, we expect our shares to be listed on the Official List and traded on the main market of the London Stock Exchange from 13 June, as planned. We expect the cash payment due to shareholders to be made by 25 June.
Subject to movements in financial markets and to external events, we remain confident that 2007 as a whole will be another year of strong growth and progress for New Star."
Enquiries:
Citigate Dewe Rogerson
Anthony Carlisle
(office) 020 7638 9571
(mobile) 07973 611 888
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Forward-looking statements
This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of New Star Asset Management Group PLC. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this announcement should be construed as a profit forecast.
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