New Star brand reborn after management buyout

The management team of New Star's US institutional arm has joined forces with a Canadian asset manager to buy the business from Henderson.

Ian Beattie, head of the division, has led a team of 12 in the buyout of a business that has $2bn in assets under management, the Daily Telegraph reports. New Star Institutional Managers will be 50% owned by a management team of nine partners, with Canadian asset manager Connor, Clark & Lunn having purchased the remaining 50%. The institutional business was a key pillar in the establishment of New Star Asset Management in 2000. New Star founder John Duffield bought it as World Invest in a £10m deal before rebranding it NSIM. The business will retain its focus on managing US equitie...