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Polin says Star carve-up is threat to image

Ignis Asset Management sales and marketing director Jonathan Polin has attacked firms for publicly pursuing “a carve-up” of New Star.

Polin believes New Star’s problems are a poor advertisement for the asset management industry. He says: “It has not been good for the industry to see the unravelling of New Star’s equity and I think that those who are publicly trying to carve up the business are doing a disservice to the fund industry, the IFA and the client.”

Neptune Investment Management has said it is keen to add parts of New Star to its business. Neptune was unavailable for comment.

New Star has confirmed it is considering possible strategic alternatives which may include a sale of the business.

The firm has denied that it is in discussions regarding an offer for ordinary shares and says it will continue to pursue the implementation of its proposed capital restructuring.

New Star founder and chairman John Duffield looks set to leave the company following a restructure of the business, although the firm has quickly moved to deny Duffield’s imminent departure, saying that he is committed to New Star during the restructure.

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