New Star chairman John Duffield has admitted his firm has been "too slow" in reacting to market declines, as it announced a major fund reshuffle and the departure of CIO Stephen Whittaker.
His comments come as the asset manager takes steps to address its flagging UK equity operations, with Trevor Green replacing Whittaker on the UK Growth fund. Green, a recent addition to the company, will continue to manage the equity portion of the Managed Distribution and Select Opportunities vehicles. Jamie Allsopp's Hidden Value fund will be merged with the UK Alpha fund, under Tim Steer's management. Allsopp will remain in charge of the Heart of Africa fund. The firm has also announced it will merge its European Leaders and European Value funds, under Nick Sheridan's stewardship. Fo...
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