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  1. Wealth
December 10, 2008

New Star eyes potential buyers

By Spear's

New Star Asset Management has confirmed “a number of expressions of interest from third parties” looking to buy the business.

New Star Asset Management, which agreed to hand around a 75 percent stake in the business to its banking syndicate in return for writing off £240 million of debt last week, has confirmed “a number of expressions of interest from third parties” looking to buy the business.

It has also suggested the potential moves by interested parties could be an alternative to the debt-for-equity swap, which spelt pain for existing shareholders, including New Star fund managers, whose interest would be all but diluted away with the banks support.

For further details visit thewealthnet

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