And so the first big name has come out of the hat – Tim Steer yesterday became the first high-profile manager to resign from New Star instead of moving to Henderson when the two groups merge next month.
The announcement will surely be a massive blow to Henderson. Despite having a tough 2008, Steer was one of the most respected New Star managers among advisers and fund selectors alike, and was surely on Henderson’s “yes” list to move across and manage money. It makes one wonder what sort of discussions are taking place between Henderson’s and New Star’s senior managers right now.
The focus will shift onto the movements of New Star’s other remaining “stars”, such as Guy de Blonay (financials), Roger Dossett (property) and Richard Pease (Europe).