New Star Asset Management plans to list its shares on the London stock exchange later this year after announcing a 140 per cent rise in oper...

New Star Asset Management plans to list its shares on the London stock exchange later this year after announcing a 140 per cent rise in operating profit to £25.4 million ($48.2 million). Funds under management in 2004 grew to £10.7 billion from £5.9 billion at the end of 2003. Retail and private client money rose by £1.1 billion in 2004 to total £4.4 billion. New Star, launched in 2001 by John Duffield, the founder and former chairman of Jupiter Asset Management, had originally planned to float last autumn. But the listing was postponed amid concerns over difficult stock market conditions. New Star has boosted its assets through the acquisition of fund management contracts from companies such as Aberdeen Asset Management and Family Assurance. Its funds have also produced strong performances, with the company hiring a number of highly regarded investment managers from rival companies. Analysts estimate New Star, one of Britain's fastest-growing asset management businesses, could be worth up to £500 million, with Mr Duffield's stake thought to be worth £100 million. He owns about 20 per cent of the company, with staff accounting for a further 55 per cent of the shares. Mr Duffield made £175 million from the sale of Jupiter to Commerzbank in 1995. He later settled a bitter legal dispute with the German bank out of court for a reported £5 million.