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Artemis breaks off New Star talks at last minute

Artemis broke off its acquisition talks with New Star this week over fears a merger would undermine its boutique culture.

It pulled out of the reputed £42m deal on Sunday night after concerns grew that the two firms had too great an overlap in their fund ranges and that Artemis&#39 brand and strong reputation would be compromised by the deal.

Artemis chief executive Mark Tyndall said his firm had built its reputation as an owner-managed business with a strong commitment to clients.

New Star chief executive Howard Covington said the deal had been all but signed when Artemis pulled out but insisted that the two firms remain on good terms.

Tyndall says: “This was not a deal in any way that we solicited. They made an approach to us. This was worth looking into as we could see that the retail fund management industry is in a certain amount of disarray and, with two of the fastest-growing retail brands, we thought we may be able to put two and two together and make five.

“But by the end of last week, we just could not see how we could still continue to offer the same selling proposition to our investors.”

Covington says: “As far as New Star was concerned, this was a nice, small opportunistic acquisition. It makes no difference to us if we do not have it. We certainly intend to keep looking for a bigger acquisition.”

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Habib Akudi

Lives: Dewsbury, West Yorkshire.Born: 1972, Dewsbury.Education: Degree in economics, University of Greenwich.Career: 1994 – clinical auditor, Leeds NHS, 1995 – telesales, 1997- travelled extensively before joining Parsoli.Career ambition: To become the leading provider of Islamic financial services.Personal ambition: To take the company to being fully international.Likes: Playing football, Manchester United.Dislikes: Bad manners.Peers say: “Keeps cool-headed […]

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