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New Star Asset Management | Hedge Fund Tracker Notes

New Star Asset Management

New Star Asset Management | Hedge Fund Notes

The following piece on New Star Asset Management is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1: (12.6.08) London-based New Star Asset Management Group said a restructuring of its balance sheet that will result in £240 million (US$352 million) of its £260 million (US$382 million) of gross debt being converted into equity.

New Star said it has reached agreement in principle with its bank syndicate on the terms of a proposed capital reorganization that will leave it able to concentrate on its investment performance and client service as an unlisted company. It plans to de-list from the London Stock Exchange, where it floated three years ago, as part of the restructuring. source

Resource #2: (11.26.08) New Star Asset Management has cut a top executive in its bid to slash £20 million (US$29.9 million) in costs.

Stephen Whitaker, co-chief investment officer and manager of the firm’s £343 million (US$512.1 million) UK Growth Fund, has left the firm. According to New Star, Chairman John Duffield “asked Stephen to leave after a prolonged period of underperformance.” Whitaker had worked at New Star for more than six years.

Whitaker is the first fund manager to leave the firm in a reshuffle designed to save £20 million in costs annually, but dozens are expected to lose their jobs at the London firm in the next few weeks. All told, some 15% of the firm’s employees are expected to be cut. Source

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