John Duffield has warned he does not expect trading conditions to improve in the immediate future as ...
John Duffield has warned he does not expect trading conditions to improve in the immediate future as New Star announced assets under management fell by £3.3bn in the first half of the year. The chairman said amid the toughest stock market conditions in more than five years, net revenue fell £72.8m and AUM dwindled to £19.8bn from £23.1bn. “As expected, the first half of 2008 was a difficult period for New Star. The trading environment remains difficult and we do not expect conditions to improve in the immediate future,” he added. He blamed £1.1bn decline in AUM on net redemptions but th...
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