Former FSA chief executive John Tiner will join the New Star board as a non-executive director.
New Star is celebrating after four of its funds won awards from Lipper for being the best in their respective sectors.
New Star, the fund manager, and Intrinsic Financial Services, the adviser network, will launch four multi-manager investment funds in the second quarter of 2008.
New Star believes the sale of its largest holding should end some of the "hysteria" surrounding the UK property market.
New Star is continuing to take steps to avoid the most problematic banking areas while sentiment remains low in the financial sector.
New Star has predicted it will suffer from significantly lower profits this year, as the firm recorded £500m outflows in the second half of 2007.
New Star's head of multi-manager Mark Harris has handed over control of the Asia Portfolio to fellow team member Robert Jeffree.
High profile New Star manager Theo Zemek has quit the firm with immediate effect.
New Star's UK Property Unit Trust has been rocked today as a new valuation downgraded its portfolio by 8.2%.
New Star's Heart of Africa fund has raised £34m over the course of its three-week launch period ending on 9 November.