New Star CEO Howard Covington said Hudson Sandler would be working on ‘major corporate events’ as they came up in the future. These could include a stock market listing, although Covington said he would not comment on reports of a planned IPO.
‘We haven’t really needed corporate PR recently so we will just go on doing lots of product PR,’ said Covington.
New Star’s last retained corporate and financial adviser was Financial Dynamics, which stopped working for fund manager after it completed the acquisition of six of Aberdeen Asset Management’s retail funds in February 2003.
FD was appointed in October 2002 after The Maitland Consultancy resigned the account over a conflict of interest with newly won client Commerzbank (PRWeek, 31 October 2002). At the time the account was believed to be worth between £600,000 and £1m.
Hudson Sandler will report to Covington and New Star chairman Duffield. New Star continues to retain Polhill Communications for product and retail PR.
New Star began trading in 2001, having been started by Duffield who previously founded Jupiter Asset Management.