Last week, the firm revealed a 44 per cent drop in profits for the first half of this year, from £34m to £19.1m, and a fall in assets under management from £22.8bn to £19.8bn.
Unveiling the results, Duffield suggested the firm would broaden its range in emerging markets in the coming months.
In an interview with Money Marketing earlier this year, Duffield spoke of the shift of power from West to East as a trend that is “largely irreversible” and said he would like to launch a China fund at some point.
New Star has already launched two products in the emerging sector in the last year, with the Heart of Africa fund managed by Jamie Allsopp and an Indian equity fund in partnership with Tata Asset Management.
Duffield says: “As expected, the first half of 2008 was a difficult period for New Star. The trading environment remains difficult and we do not expect conditions to improve in the immediate future.”