New Star announces wind-up of Heart of Africa Fund
New Star has announced the completion of its wind-up process for the Heart of Africa Fund. Investors in the fund will receive approximately 18p per unit held (subject to confirmation), which will be paid towards the end of April.Dealing in the fund
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was suspended last December. When low trading volumes in many sub-Saharan markets meant the fund was unable to meet redemption requests from investors, New Star suspended the fund to protect the interests of long term investors. As the situation did not substantially improve, New Star announced in February that it had decided to wind-up the fund, sell its assets and return the proceeds to investors.We will contact Vantage clients who hold the fund with further information as it becomes available. If you are seeking an alternative investment then a list of our favourites can be found on the Wealth 150.Mark Dampier, Head of Research
