Henderson Completes Purchase Of UK's New Star

Tom Burroughes

9 April 2009

UK-listed fund management company Henderson has completed its cash acquisition of New Star Asset Management, the stricken UK firm that saw its shares almost wiped out by large client outflows and losses sustained amid the financial crisis.

As part of the acquisition, the consideration due to New Star Preference shareholders includes £45.5 million ($67 million) in cash and the issue of 25,774,190 new ordinary shares, Henderson said in a statement.

In late March, Henderson said that Richard Pease, manager of the New Star European fund, will join the firm, once Henderson’s acquisition of New Star was complete. Also joining Henderson are Nick Sheridan, manager of the New Star European Value fund and Simon Rowe, manager of the New Star Global Investment Funds European Growth fund.

Henderson’s announcement follows recent confirmation that Guy de Blonay, James Gledhill, Mark Harris, Craig Heron and Mark Skinner would also join Henderson subject to completion of the acquisition going through.