New Star puts floatation plans on hold

In the three years since launch, the firm has amassed some £4.6bn in retail assets under management but its chief executive believes now is not a good time to cash in

It is just over three years ago that New Star Asset Management held its official launch at London's Planetarium and since then it has grown its retail funds to some £4.6bn. The group, now the 16th largest retail fund manager in the UK, launched its first two funds in July 2001. Since then, it has expanded through a mixture of organic growth and corporate activity, which has seen it take over the management contracts of former Aberdeen, Exeter and Edinburgh Fund Managers (EFM) products. Established by former Jupiter founder John Duffield, the group now has more than 40 funds and is look...