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New Star poised for MBO of institutional arm

New Star is expected to begin a management buyout of its institutional business this week, reports say.

It is thought that the buyout will be led by Mark Beale and Richard Lewis, head and deputy head of the firm’s institutional fund management arm.

The duo were part of New Star’s founding team who joined in 2000 from WorldInvest. They are expected to head up a team of 16 and take more than £3.2bn of assets with them.

Details of the buyout remain unconfirmed by New Star but chairman John Duffield is expected to leave upon its completion.


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