Buy-out leaves Duffield free to pursue family office plans

New Star founder John Duffield has told friends that he is planning a return to investment management once the company is sold.

Duffield, who launched Jupiter Investment Management before building New Star from scratch, has privately acknowledged that he is not going to be quitting the industry and is not prepared to join another firm. He will launch his own enterprise but is planning to stay away from retail fund management.

Duffield has the personal resources to launch a family office with own money. Although it is unclear exactly how much wealth Duffield has left after the fall in New Star share price and the wider market correction to which he would naturally have been exposed it is thought his net worth still amounts to at least £300 million.

When Duffield launched Jupiter Investment Management he began with family money and built the operation out. Sources have told Citywire however that while he will aim to grow any business he founds it is unlikely this will be through the retail market place.

The chief executive of Henderson Global Investors, Andrew Formica, said this morning that Duffield 'understands that the era of his life where he ran a competitive business [to Henderson Global Investors] is over but obviously he will want to do something with his own money.'

John Duffield declined to comment.