View more on these topics

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.


Bank cuts rate by 1%

The Bank of England’s Monetary Policy Committee has cut the Bank base rate by another 1 per cent to 2 per cent.

Running on empty

In producing its retail distribution review proposals, the FSA has penned the longest suicide note in history. After all, a regulator is no longer a requirement when there is nobody left to regulate.

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm