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New Star denies Duffield resignation but confirms interest

New Star has denied rumours that chairman and founder John Duffield has already resigned from the firm.

Duffield, who formed New Star in 2000, is expected to depart the troubled asset manager once it is either sold or has been restructured by its five-strong banking syndicate, which took on 75 per cent of the company in exchange for the firms’ £240m of debt.

Speculation continues over potential buyers for New Star after it confirmed it is considering possible strategic alternatives which may include a sale of the business.

Both Aberdeen Asset Management and Neptune Investment Management have already been touted as potential suitors for parts of the firm.

New Star denied it is in discussions regarding an offer for ordinary shares and says it will continue to pursue the implementation of its proposed capital restructuring.


Adviser charging should be spelt out in rules

The retail distribution review’s remuneration requirements cannot be implemented successfully under principle-based regulation and must be set down explicitly in FSA rules, says Royal London head of corporate affairs Gareth Evans.


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