New Star Asset Management will this week unveil plans to return up to £350m to shareholders in a move which would see its chairman John Duffield pocket £70m, says the Daily Telegraph .
The investment group will announce the return of cash on Friday, alongside what analysts are predicting to be a strong set of full-year results. Pre-tax profits are estimated to come in at around £68m, compared with last year's £44m. In its trading update at the end of January, New Star described market conditions in the second half of 2006 as buoyant and said its assets under management rose to £21.1bn, up 25% in 2006. Because of strong cashflow, it was considering returning capital to shareholders during 2007 "in an amount of not less than £300m, equivalent to at least 100p per exis...
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