New Star profit falls 37% on massive outflows
New Star Asset Management on Friday said its funds under administration fell 14% to £19.8bn (€24.5bn) during the first half of the year, as operating profits declined 37% to £30.3m, according to a report in The Times, London.
The fund manager said that retail and institutional investors withdrew £1.1bn and market declines wiped an extra £2.2bn off the value of its portfolio.
Net revenues declined 16% to £72.8m. The interim dividend has been slashed to 1p, from 4p last time.
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