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Miller leaves New Star

New Star chief investment officer Alan Miller has left the group after six years.

Miller, who followed founder John Duffield from Jupiter in 2001, leaves by mutual consent to pursue other opportunities, according to a statement released to the stockmarket.

He went on sabbatical in September following a high-profile divorce that cost him £5m of his estimated £35m fortune. He will announce his plans later in the year and Duffield wishes him well in the statement.

In 2002, Miller was replaced by Stephen Whittaker as manager of the £320m UK growth fund after it lost 32 per cent in its first year. Whittaker and Gregor Logan were made joint CIOs when he went on sabbatical, with Whittaker and Guy Crossland taking over his UK hedge fund.

Hargreaves Lansdown head of research Mark Dampier says: “He had a lot of personal problems in the past year and fund management is so fast moving that you cannot really afford to be sidetracked by anything else. Investment is in his bones so I am sure he will be back.”

Miller says in the statement: “I am confident the group will continue to prosper.”

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