New Star Axes Co-CIO

Nov 24 2008 | 1:44am ET

New Star Asset Management has cut a top executive in its bid to slash £20 million (US$29.9 million) in costs.

Stephen Whitaker, co-chief investment officer and manager of the firm’s £343 million (US$512.1 million) UK Growth Fund, has left the firm. According to New Star, Chairman John Duffield “asked Stephen to leave after a prolonged period of underperformance.” Whitaker had worked at New Star for more than six years.

Whitaker is the first fund manager to leave the firm in a reshuffle designed to save £20 million in costs annually, but dozens are expected to lose their jobs at the London firm in the next few weeks. All told, some 15% of the firm’s employees are expected to be cut.

Whitaker’s fund, which lost 16.5% in September, is to be merged with another of its funds. All told, six New Star funds have been merged into three, with several managers, including Tim Steer, promoted.

New Star has already begun looking for a new co-CIO to work alongside Whitaker and Gregor Logan.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Nicky Hilton To Wed James Rothschild

Aug 20 2014 | 5:23am ET

When it comes to husband-material, socialite Nicky Hilton is sticking with finance...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note