The UK’s largest independent fund management firm New Star Asset Management plans to list on the Alternative Investment Market of the London...

The UK’s largest independent fund management firm New Star Asset Management plans to list on the Alternative Investment Market of the London Stock Exchange in November, according to a statement from the group. The move is expected to be very lucrative for all of the asset manger’s 280 staff, with the minimum windfall expected to be at least £45,000 ($79,500). At least 50 senior members of staff stand to make more than £1 million from the initial public offering. The fund manager, launched by John Duffield five years ago, plans to sell approximately 5 per cent of the shares beneficially owned by the employees and directors, which represents around 3 per cent of New Star's capital. Mr Duffield owns 17 per cent of shares in New Star. The initial public offering is expected to value New Star in excess of £600 million. New Star, which has around £14 billion of assets under management, will publish its prospectus in the next two weeks, with a view to beginning trading November 11, according to press reports.