Inform the investor, satisfy the regulator

New Star is one of Britain's best-known fund managers, with over £13bn in assets. It is required by the financial regulator to publish six-monthly reports on the performance of its funds – the key here is compliance and transparency. In addition, New Star sends regular updates to investors, setting its gains (and losses) in the wider context of global equity and capital markets. These newsletters need to be accessible to the average investor, although, here too, the Financial Services Authority will come down like a ton of bricks on any inaccuracies.