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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
New Star | LSE:NSAM | London | Ordinary Share | GB00B1VJF742 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
EMBARGOED UNTIL 7.00AM 14 NOVEMBER Not for release, publication or distribution in whole or in part in or into the United States, Australia, Canada or Japan. 14 November 2008 New Star Asset Management Group PLC Interim Management Statement New Star Asset Management Group PLC ("New Star") today issues the following interim management statement in respect of the quarter ended 30 September 2008. New Star's assets under management at 30 September 2008 were £16.7 billion, down from £19.8 billion at 30 June. The movement in assets under management in the quarter was as follows: At 30 June Net flows Performance/ At 30 September 2008 £ £ billion market 2008 £ billion billion movements £ billion UK mutual funds 9.3 (0.4) (1.0) 7.9 International mutual 0.5 - (0.1) 0.4 funds Institutional 7.5 (0.6) (0.8) 6.1 Alternative assets 1.5 0.1 (0.2) 1.4 Other 1.0 (0.1) - 0.9 Total 19.8 (1.0) (2.1) 16.7 New Star continues to be affected by difficult market conditions and, as a result, the Group's assets under management have fallen to approximately £14.3 billion at yesterday's date. The fall in assets under management is mainly a result of the fall in asset prices (£1.8 billion). Net outflows of assets since 30 September 2008 are approximately £523 million. These include net outflows from mutual funds of £316 million, £155 million from external hedge fund investors, and net outflows from institutional funds of £89 million. The rate of redemptions from UK mutual funds has increased in recent weeks as retail investors have reduced risk in reaction to the high volatility of the capital markets. New Star has agreed with its bank syndicate that the financial covenants in respect of its debt should be amended to better accommodate the current unsettled trading environment. This amendment has immediate effect. As a consequence of the amendment the interest rate on New Star's debt has increased by 1.5%. The debt remains repayable in a single payment in June 2013. New Star has not at any time been in breach of its financial covenants. As a consequence of the downturn in capital markets New Star intends to restructure its business and reduce costs. Total annual savings of approximately £20 million have been identified compared with the expected level of costs in 2008. Once surplus premises have been sub-let, over half of these annual savings will have been implemented already. Commenting today, John Duffield, chairman of New Star, said: "The fall in markets since the summer and increased redemptions across the asset management sector have had a significant impact on our business. Our banks understand our position and are supportive. We are taking further action to cut our costs significantly. We were one of the first companies to warn investors about the impact of the credit crunch on our sector and we currently believe the exceptional risk aversion among investors may persist for some time, posing further challenges for fund management companies over the short term. The longer-term prospects for asset managers remain intact, however, as a result of the secular trends towards increased savings and investment flows in both the developed and the emerging markets. Such flows are likely to be redeployed in the financial markets, possibly after a time lag, in response to the coordinated interest rate cuts by the world's central banks and government moves to rebuild the solvency and liquidity of financial institutions." Note: All the figures for total assets under management given above include assets managed on behalf of Family Assurance Friendly Society. Enquiries: Citigate Dewe Rogerson Anthony Carlisle (office) 020 7638 9571 (mobile) 07973 611 888 This announcement is not for publication or distribution to persons in the United States of America, its territories or possessions or to any US person (within the meaning of Regulation S of the US Securities Act of 1933, as amended). Neither this announcement nor any copy of it may be taken or transmitted into Australia, Canada or Japan or to Canadian persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian or Japanese securities law. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Forward-looking statements This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of New Star Asset Management Group PLC. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this announcement should be construed as a profit forecast. END
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