Evershed: New Star Property ad campaign lost investors millions

Patrick Evershed has claimed investors in New Star's Property fund lost millions of pounds after the group continued to advertise the fund despite warnings from its property team that prices were over-inflated.

Evershed said in his witness statement lodged with an employment tribunal - which is hearing his claim of constructive unfair dismissal against his old employer - that he had concerns about continued spending by New Star on adverts despite signs of a bubble forming in property. "I was concerned by the way John was continuing to spend most of the firm's advertising budget on a fund which looked increasingly overvalued to all those in New Star who understood property and the economy," he said. Evershed said property team members were pressurised by New Star founder John Duffield and Gre...