New Star to recruit managers after poor UK fund results

Chairman John Duffield admits the firm needs to broaden and strengthen its UK team following New Star’s “most difficult period” since it began trading in 2001. Net retail sales fell 21% to £1.4bn last year, as challenging second half market conditions and outflows from its UK commercial property fund punished the firm. Duffield says the crisis in the UK commercial property market affected the business “significantly”, with the firm still experiencing modest net redemptions from the fund. New Star increased its assets under management (AUM) to £23.1bn last year, but at 18 March 2008 its ...