New Star’s Miller joins SilverStreet
Alan Miller, the former chief investment officer of New Star Asset Management who took a break from the industry following a highly public divorce battle, has re-emerged at the fund of hedge funds boutique SilverStreet Capital.
Miller will be joining the $600m (€470m) boutique in a strategic rather than a portfolio management role, as it looks at possible acquisitions and fund launches, according to Gary Vaughan-Smith, chief executive.
He will also be involved in manager selection for the fund of funds.
Vaughan-Smith said the company’s fund had held up “pretty well” during the market crisis – it fell 3.8% between January and the end of September. The composite funds of hedge funds index from data provider Hedge Fund Research fell 12.3% during the same period.
Miller, who left New Star in February 2007, has a long history in asset management, with senior roles at Gartmore and Jupiter Asset Management before joining John Duffield’s group.
Miller and Vaughan-Smith are old acquaintances from their days at Gartmore, where they spent four years together between 1990 and 1994.
Miller first approached Vaughan-Smith this summer with the intention of investing money in SilverStreet’s fund of funds, but ended up joining the five-strong partnership.
At Jupiter, he launched the first UK Equity long-short hedge fund in January 1997 and managed this fund for more than nine years. He delivered more than 17% a year in the period from its launch to the end of June 2006, compared with a return of 4% a year for the FTSE All-Share index.
That summer, John Duffield, chief executive of New Star, told Financial News that Miller was a manager to stick with despite periods of underperformance.
He said: “I took him off a fund, but I kept him on his others. He’s made a lot of money, a lot of which he’s had to give to his ex-wife.”
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