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‘New Star float will not lead to exodus’

New Star managing director Mark Skinner says the firm would lock in fund managers in a market flotation.

Skinner says a float would not destabilise the firm and that staff will be locked in to the business, He would not comment on speculation that an autumn date has been set.

Since New Star was set up in 2000 by former Jupiter boss John Duffield, fund management staff have been rewarded with relatively modest salaries in return for stakes in the business.

Concerns have been exp-ressed that some managers may be hanging on for their share of the money after a float.

Skinner says: “A float would remove speculation that all our staff are going to sell their equ-ity. They will not be allowed to. John has learnt from his experience at Jupiter.”

l Profile, p39


MCCB surplus goes to three projects

The Mortgage Code Compliance Board’s 1m surplus following its liquidation at M-Day will be distributed to a combination of projects. Around 300,000 will go towards the Money Advice Trust and 300,000 on training for mortgage advisers. The rest will go to the FSA to reduce mortgage advisers’ fees at the next fee cycle.


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