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New Star moves into Jupiter orbit

New Star is set to overtake chairman John Duffield’s previous venture Jupiter after almost doubling its assets under management last year.

Its assets rose from 5.9bn in 2003 to 10.7bn in 2004. In the first quarter of this year the firm was among the most successful Isa players, growing its assets to around 12bn. Jupiter managed 11.5bn in December 2004.

Much of New Star’s gro- wth last year was acquisition-led, with the company buying in 3.5bn assets from struggling fund managers Edin-burgh and Exeter.

New Star chief executive Howard Covington believes the firm was the market leader for net-retail sales in the fourth quarter and number two for sales through fund supermarkets, driven by the popularity of New Star’s property portfolio and funds of funds.

Operating earnings leapt by 140 per cent last year to 25.4m from 10.6m in 2003 last year and sets New Star up for a 600m flotation this year.

Chelsea Financial Services managing director Darius McDermott says: “New Star has been very aggressive in making acquisitions and getting in new business. It is welcome news that someone can grow so strongly in this market but it it no surprise, knowing Duffield and his team, that New Star has done so well. I can see them overtaking Jupiter.”


Chasers hit Pru hurdle

Endowment complaint firms have had a bit of a bruising recently, which is ironic since they are the ones who are chasing the ambulances.


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