By ROBERT HARLEY 21/11/2008
Friday’s announcement that Stephen Whittaker has resigned from his position as CIO of New Star will come as no surprise, the only surprise is that it took so long. Going forward, Whittaker’s UK Growth fund will be managed by Trevor Green who joined New Star from Allianz Dresdner in 2008, where he had been responsible for managing UK equity mandates.
The previous week New Star also announced it had been able to reach agreement on new convenant terms in respect of its outstanding debt, to enable it to better accommodate the more volatile market conditions. Whilst these steps go some way to answering recent speculation regarding the future ownership of the group, the company is still likely to face an uphill struggle regaining adviser support against a backdrop of continuing weakness in global markets.