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Duffield sets his sights on working until 100

New Star founder John Duffield has answered IFA concerns about what happens to the firm when he retires by saying he intends to work until he is 100.

Speaking to Money Marketing about New Star’s fifth anniversary this week, Duffield, who is 66, says: “I was asked once when I planned to retire and I said at 90. On further reflection and with increasing longevity, I think I will go on until I am 100. The idea of putting my feet up is a horrible thought.”

Duffield says New Star will not be recruiting high-profile fund managers but will look to develop its own talent from within, as seen with the emergence of James Ridgewell and Jamie Allsop on the UK desk.

He admits the firm has had performance issues on its equity income funds but is confident it can turn it around. He sees Invesco as New Star’s main rival.

Duffield does not rule out further acquisitions but says the emphasis is on organic growth backed by heavy advertising.

He says the timing of the acquisitions of Edinburgh Fund Managers, Exeter and a number of Aberdeen funds was fortunate as the bear market had reduced their price massively.

See interview

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