John Duffield returns to the market after New Star collapse
While he may be 70 years of age, there are no signs that John Duffield is set to hang up his fund management boots even after the demise of his last venture New Star. After losing nearly £1 million of his own money after the collapse of New Star (which had nearly £240 million of debts) he is back in action with a new investment group by the name of Hyde Park Asset Management.
This in itself could be a sign that the UK stock market has turned, with investors apparently willing to give John Duffield a third chance in the market. Prior to the collapse of New Star he was the darling of the UK stock market having sold out his original investment group for a personal profit of £175 million. Even though New Star was a major disappointment in the end, having been caught out by substantial debt and a turning market, the buzz of the investment world has again attracted the former king of the investment management arena.
It will be interesting to see whether John Duffield is able to replicate his earlier success and indeed take advantage of the fall in markets over the last 18 months. Like so many other investors in the UK, he was caught out by the speed and depth of the fall in the UK economy which subsequently impacted upon funding issues and the UK investment arena.
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