More than 10 potential bidders have expressed interest in New Star, the troubled fund management group that this month agreed a debt-for-equity swap with its banks. The banks, a consortium of HBOS, Lloyds TSB, HSBC, Royal Bank of Scotland and National Australia Bank, which put the group up for sale this month, hope to receive bids by the first week in January.
A speedy sale will help to end uncertainty among clients about the future of the management group and stop more redemptions from New Star funds.
