Family Investments is set to offer a £1.4bn mandate to Santander Asset Management after cancelling a four-year contract with New Star.
An investment agreement which saw New Star run £1.4bn of assets on behalf of Family Assurance Friendly Society has been cancelled.
Several high profile multi-managers are shifting portfolios towards the US at the expense of European weightings in a reversal of recent years.
New Star Asset Management suffered a 44% fall in operating profit in the first half of the year, as investors stripped approximately £1.1bn from its fund range.
New Star has appointed Greg Jones as managing director of its international fund business.
New Star has added its recently-launched Indian Equity fund on six platforms.
New Star has announced Charles Deptford will replace Stephen Whittaker as manager of its Equity Income Unit Trust with immediate effect.
New Star is set to merge its underperforming £28m Tri-Star Unit Trust into its £48m Cautious Portfolio, a fund of funds offering.
New Star has added to its hedge fund team after appointing Donald Pepper to head up its alternative investments division.
New Star will push ahead with its lock-in performance-based employee stock plan after receiving 89.14% shareholder approval.