John Duffield, the founder of New Star Asset Management, which was recently bought by the Henderson Group, is to launch a new company called Hyde Park Asset Management, according to Interactive Investor.

Citing people familiar with the situation, the report said that Hyde Park Asset Management will initially focus on managing money for Mr Duffield’s own family. Given however the economies of scale and pooling of resources that can be achieved by the creation of multi-family offices, the business might be expected to widen in scope in time, according to analysts.

According to the news service, Mr Duffield has leased a floor of what used to be New Star’s headquarters from Henderson as the new venture’s premises. John Jay, the former business development director at New Star, is understood to have been appointed chief executive of the new business.

Henderson completed its acquisition of New Star earlier this month, paying £115 million (around $172 million) for the embattled asset manager. In December, New Star was taken over by its creditor banks in a debt-for-equity swap following the almost complete wipe out of its share price.

Throughout 2008 New Star suffered heavy outflows from some of its funds. At the end of November 2008 assets under management had fallen to £13.9 billion, having stood at £19.8 billion at 30 June.

Prior to launching New Star in 2001, Mr Duffield founded Jupiter Asset Management in 1985, subsequently selling the company to Germany’s Commerzbank for around £175 million.