Duffield's back

17 October 2005 By Chris Hughes

The mooted £600m price tag for John Duffield s fund management float demands that investors believe its stunning growth will continue. With so little stock being sold, the aim appears to be to get a listing, then wait for a bidder to give everyone a proper exit.

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New Star Asset Management unveiled plans to float on London's Alternative Investment Market in November.

The business was founded almost five years ago by John Duffield, who previously established founded and floated Jupiter Asset Management. Germany's Commerzbank later bought Jupiter for £675m.

New Star has approximately £15bn under management. Firsthalf sales were £43m this year, generating ebitda of £17m.

UBS, Citigroup, Goldman Sachs, HSBC and Putnam Lovell Securities are handling the deal.

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