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Short-term outlook for Star staff

A number of New Star staff are to be placed on five-month contracts after the merger with Henderson.

The contracts extend across numerous roles, including deputy managers and senior analysts, Money Marketing understands.

Henderson said last week that it is to pay up to £2.9m in cash and £1.34m through 1.65 million new ordinary shares to lock in some New Star directors and staff until September 30.

A Henderson spokesperson says: “We can confirm that some people are coming over purely for the transition to help with areas like back-office and general merging. There will also be those who are initially here for a period of time but may be needed in the longer term and, in that case, their role will be discussed.”

Skerritt Consultants head of investments Andrew Merricks says: “There are bound to be departures on both sides as the merger is likely to result in some teething problems.”

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