Fears over the future of New Star's top managers are growing this morning as the troubled fund house remains silent on its future.
The John Duffield-led group has been locked in discussions with its banking syndicate for days, in the hope to eliminate more than £230m debt with an equity swap. New Star, which has high-profile names such as European manager Richard Pease in its stable, is also rumoured to be takeover target for other fund houses. Aberdeen, Hendersons and Neptune are among the names said to be circling the manager, with Clive Cowdery's new Resolution vehicle also believed to be in the frame. The uncertainty has led top advisers Bestinvest and Hargreaves Lansdown to take New Star's funds off its 'buy' ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
