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Duffield to float venture within 18 months

Following his out of court settlement with Jupiter, John Duffield is planning to float his new venture, New Star Asset Management within 18 months, according to the Times.

New Star currently manages 2bn of funds which Duffield hopes will rise to £5bn by the end of the 2001.

He will then prepare for a stock market float in the middle of 2002 at a valuation of £500m.

As part of his £5m out of court settlement, Duffield gained Jupiter’s £300m overseas portfolio although he is not allowed to poach any staff from Jupiter for 6 months.

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