Theo Zemek, manager of the New Star fixed interest and managed distribution funds, is leaving the firm with immediate effect.
Zemek joined New Star from M&G back in 2003 and is believed to be joining Axa Framlington in a senior role.
James Gledhill will now become head of fixed interest at New Star, having previously shared the role with Zemek. He will also take on the management of the fixed interest unit trust alongside Nick Hayes, who joined the firm back in 2003.
Gregor Logan, New Star’s joint chief investment officer, will take over the management of the New Star managed distribution fund with Gledhill managing the fixed income and Toby Thompson the equity components of the fund.
The New Star High Yield Bond Fund will continue to be managed by Gledhill. Mark Sanders, who joined New Star from Aberdeen Asset Management in 2003, will join Gledhill as joint manager of the New Star extra high yield bond unit trust