View more on these topics

‘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

Recommended

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.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com