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Miller will be back, says New Star

New Star is adamant that high-profile UK fund manager Alan Miller will return to the company by the end of the year.

The fund company says that Miller, who hit the headlines earlier this year after losing a bitter legal battle against having to pay his ex-wife 5m in a divorce settlement, is just taking a sabb- atical to spend more time with his new family.

Miller, who is joint chief investment officer, has han- ded the reins of his underperforming UK hedge fund to new recruit Guy Crossland, who joins from Investec, and will run the fund alongside New Star’s other joint CIO Stephen Whittaker. Current deputy CIO Gregor Logan takes over Miller’s joint CIO role.

New Star deny that Miller’s recent underperformance was the catalyst for the switches. Miller’s hedge fund is down by 15.3 per cent over the year to date while the FTSE 100 is up by 8 per cent. Miller was previously taken off New Star UK growth after a period of underperformance.

However, an insider says: “The Logan position is likely to be permanent but Miller may retake control of the hedge fund when he returns.”

Miller has halved his stake in New Star over the past two quarters from around 6 per cent to 3 per cent.

Hargreaves Lansdown head of research Mark Dampier says: “Being a fund manager is far more difficult than people think and if you are distracted for any reason at all, it becomes very difficult.”

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