The new banking owners of New Star Asset Management will look to sell off the fund management group if a reasonable offer comes along, reports the Financial Times.
Aberdeen Asset Management and Resolution are thought to have been deterred by the debt but now the five lending banks have written off £240m of this in return for 75% of the equity, potential bidders are being cagey.
However one, Neptune Investment Management said it would be interested in buying all, or part of, the business before the bank talks ended. Jupiter Asset Management and Hellman & Friedman are others rumoured to be interested although neither are thought to want to expand in the current climate.
New Star closed down 68.4% at 1.5p.
05/12/08 Financial Times 23, 46 Times 62 Independent 58
