By ROBERT HARLEY 23/07/2009
Henderson New Star announced today that Roger Dossett is stepping down from his role as Head of New Star Property funds to focus on his private property interests. He will be replaced as head of the team by Mark Carpenter, who has more than 19 years’ experience within commercial property fund management at Henderson.
Going forward Marcus Langlands-Pearse, previously Dossett’s co-manager on the New Star UK Property fund, will take over as the fund’s lead manager. He will be assisted by Ainslie McLennan. McLennan joined Henderson in 2002 and has been responsible for running both UK commercial and residential property portfolios. We believe New Star Property investors will benefit from the additional resources that the Henderson Group can bring to bear in the property world.
The current New Star UK Property portfolio consists of an above average allocation to higher quality tenants on long leases. We believe this profile is preferred, given the uncertainties that still persist with regard to the economic backdrop. Recent property market returns suggest that whilst yields in the broader property market may continue to soften to the end of the year, prime property yields have started to stabilise / harden. We have upgraded the fund to a 5 star rating.