Former FSA chief executive John Tiner has joined New Star Asset Management as a non-executive director.
New Star net revenue is up 29 per cent on last year to £173.3m with profit before tax, interest, exceptional items and amortisation of intangibles was up 36 per cent to £98.1m.
Assets under management are up 9 per cent to £23.1bn, to the year ended December 31, 2007, up from £21.1bn this time last year.
New Star final dividend for 2007 is 1p per share, with a full year total of 5p per share.
New Star chairman John Duffield says: “We have delivered results fully in line with expectations; but, as we have said before, the second half of 2007 and the start of 2008, have been the most difficult period for New Star since we began trading in 2001 and we expect 2008 as a whole to be a year of consolidation for our business.
Our company has entered this more challenging environment with a diversified mix of funds covering a broad range of asset classes and a wide range of retail, high net worth individual and institutional clients, both in the UK and overseas.
We remain confident that through a combination of investment performance,
marketing and service we can return over the medium term to generating
significant value for shareholders in our company.”
However New Star has seen outflows of 12 per cent in assets under management since the turn of the year, from £23.1bn on December 31, 2007 to £20.3bn on March 18, 2008.