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Duffield set to quit New Star, according to reports

New Star chairman and founder John Duffield is set to leave the troubled asset manager in the near future, reports in the FT have claimed.

Duffield is understood to be leaving once the asset manager is either sold or at the end of the restructuring process announced last week, which will see the firms’ five-strong banking syndicate take on £240m of its debt in exchange for 75 per cent of the company.

A number of buyers are already believed to have expressed interest in New Star, with Aberdeen Asset Management and Neptune Investment Management having already been touted.

Duffield left his previous role as the head of Jupiter Asset Management after a fall out with the firms’ owners Commerzbank when the bank took control of the company.

New Star says it will not comment on market speculation.

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