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 e...
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
