FPI New Star International Property, R19, R20 and R21 (Feb 2009)

New Star International Property funds – R19, R20 & R21

New Star Investment Funds Limited (New Star), managers of the underlying assets of the FPIL New Star International Property Funds, informed FPI that they took the decision to suspend dealing in these funds with effect from 25 November 2008.  This was initially for a period of 28 days in accordance with rules set out by the Financial Services Authority (FSA).

New Star have now advised FPI that the FSA have agreed to a modification of the Collective Investment Schemes Source Book (COLL) rules to allow for an extension of the temporary period of suspension beyond 28 days.  The FSA have agreed that the suspension can extend beyond this period, provided the manager and depositary regularly review the basis for the temporary suspension.

As a direct result of the above, dealing in the mirror funds will also continue to be suspended until further notice.