New Star

Gary Shaughnessy, Fidelity's UK managing director, said a new fund charging method called total cost of ownership (TCO) should replace existing fund charges including TERs.

New Star founder John Duffield has hit back at claims made during Patrick Evershed's sensational employment tribunal in an open letter.

The fund management industry has been avidly following every twist and turn of the Patrick Evershed versus New Star fight over recent weeks.

Partick Evershed's claims he and other staff members were bullied by New Star Asset Management founder John Duffield have been dismissed by three of his ex-colleagues.

Gregor Logan, the former joint chief investment officer of New Star, said a leveraged balance sheet and poor performance from flagship funds caused the demise of the asset manager.

Brooks Macdonald Asset Management has bolstered its UK equity capabilities with the hire of ex-New Star manager Toby Thompson.

Former New Star CIO Theo Zemek revealed in yesterday's tribunal the atmosphere was so poisonous under John Duffield's regime that she was petrified her mobile phone would be "impounded".

Former New Star head of fixed income Theo Zemek today told of the "appalling" atmosphere at New Star, under former CEO John Duffield.

Patrick Evershed's legal battle with New Star is unlikely to be completed this week, with the hearing potentially dragging on until January, the chair of the court announced yesterday.

Patrick Evershed lost his cool on one of his last days at New Star, attacking the firm's CIO for preventing him topping up a position in HBOS, an employment tribunal heard today.