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New Star profits slump 44%

New Star has revealed a 44 per cent drop in operating profits for the first half of 2008.

Profits stood at £19.1m for the first half of the year down from £34m for the same period in 2007.

Operating earnings also fell 37 per cent to £30.3m before tax, while assets under management dropped 14 per cent in the first six months of the year to £19.8bn.

Net revenue fell 16 per cent to £72.8m with the firm offering an interim dividend of 1p per share.

Chairman John 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.

“We remain confident that through a combination of investment performance, marketing and service we can return over the medium term to generating significant value for our shareholders.We believe the long-term outlook for our company is good.”


Fraud costs housing associations £400m

State-funded housing associations are losing £400m every year due to fraud, says accountant BDO Stoy Hayward. It says vendors have inflated the price of land and houses by as much as 20 per cent.

Sants warns CEOs on mispricing

FSA chief executive Hector Sants has written a Dear CEO letter warning banks and investment firms against cutting back on staff in valuation control functions to prevent future mispricing of trading positions.

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]


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