New Star considering commercial property sale


New Star could be about to sell its prime commercial property asset.

The fund manager has said it had not offered the building for sale but has received a bid for Governor’s House.

The company’s Roger Dosset also said the fund had sufficient funds to meet withdrawals: [“]We have had an inquiry and we will consider offers,” the Financial Mail reported he said of the possible deal.

Chairman John Duffield recently announced the fund’s £20 million-a-year effort to save money and the replacement of its chief investment officer, Steven Whittaker.

New Star announced the change of employment last week – the Times reported it said: “John asked Stephen to leave after a prolonged period of underperformance.”

Mr Duffield has acknowledged the fund has struggled with the changing economic climate.

“I recognise we have been too slow in some of our funds in adjusting to the sustained falls in securities markets,” he admitted.