View more on these topics

150m for Duffield as he reduces stake in New Star

New Star chairman John Duffield picked up over 150m last week after reducing his stake in the business by around 40 per cent.

Duffield has put 24.3 million of his own shares worth 109m into a 213m share placing that will see senior management take cash out of the business. The move sees Duffield’s stake reduced to 7.6 per cent. He will get another 45.6m from the better than expected 125p per share return of capital to shareholders and a further 3m from the 9p fullyear dividend.

Chief executive Howard Covington and investment chief Richard Pease will net 15m by reducing their shareholdings from 3.2 to 2.1 per cent. The sell-off sees almost 47 million shares in the firm being sold as the staff’s total holding falls from 51 to 35 per cent.

Duffield dismisses talk of retirement, saying: “I remain completely committed to the business.”

New Star’s profits rose to 50m last year from 17m in 2005.

Recommended

Standard holds off on wrap sales drive

Standard Life will not begin actively managing its wrap until early next year with its sales push focusing on its new FundZone platform in the short term, Money Marketing understands.Around 100 IFA firms are thought to be using the wrap, which Standard says will be made available to the wider market after the new year.There […]

Gigi Chan to target Chinese mid caps

Threadneedle is setting up a China opportunities fund to be managed by Gigi Chan.It will focus on the investment themes of domestic consumption, urbanisation and infrastructure spending, taking a bottom-up approach to stockpicking. Jan de Bruijn will be deputy fund manager.The portfolio will sit alongside Threadneedle’s £2bn portfolio of Far East and Asia equity funds […]

He’s not fit to be PM, says poll

Ninety two per cent of respondents in a Money Marketing poll say the Chancellor is unfit to be the next Prime Minister following the revelations about his tax raid on pensions.The damning results echo heightened criticisms of Gordon Brown’s character after he has been pilloried by ex-Cabinet colleagues and former civil service head Lord Turnbull.Conservative […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment