RBS and other main banks will own 75 percent of New Star

Royal Bank of Scotland (RBS) along with National Australia Bank (OTC:NABZY), Lloyds TSB (LON:LLOY), HSBC (LON:HSBA) and HBOS (LON:HBOS) will own 75 percent of New Star Asset Management (LON:NSAM) due to the retail investor-focused fund manager delisting from the London Stock Exchange so the company can pay down debt, under a restructuring agreement with its lenders.

With New Star paying down 240 million of debt it could be a good indication for protential buyers like Clive Cowdery’s latest Resolution vehicle or fund managers Henderson and Aberdeen who had previously been put off.

Mr Duffield, who owns about 5 percent of New Star the company he founded n 2000 will continue to control the company at the age of 69, although if the company were to be sold then he may have to step down.

Shares in New Star tumbled more than 95 percent of their value since December 2007.

Source: independent

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