New Star's profits dive

The company's half yearly results also revealed a 37pc dip in operating earnings to £30.3m, while total assets under management fell by £3.3bn to £19.8bn, approximately £1.1bn of which was attributed to net redemptions and £2.2bn to changes in the market value of assets. Operating earnings per share fell by 22pc to 13.6p, leading the company to slash its dividend from 4p to 1p. In an accompanying statement, chairman John Duffield admitted that the first half had been tough and that he did not expect conditions to improve in the near future. He added: "We remain confident that through a co...