Family Investments, the Brighton-based children’s trust fund specialist has denied a report in the Independent newspaper claiming that it was considering moving the management of its £1.7 billion (around $3.35 billion) away from UK-listed New Star Asset Management.

Miles Bingham, head of savings and investments at the mutual, told WealthBriefing “This report is pure mischief making because New Star is topical at the moment. Of course they are under scrutiny but to imply that we talking to anyone else is just wrong. They are not up for review."

“New Star are high profile and are going through a difficult time at the moment. There are lots of negative stories being published which amplify any negativity tenfold.”

Family Investments is the UK’s largest provider of children’s trust funds with 525,000 sold to day. It has one million policy holders and 300 staff.