Patrick Evershed, a former New Star Asset Management Holdings fund manager, is suing his boss for bullying him, says Bloomberg.Among Evershed’s complaints about John Duffield, the founder of New Star Asset Management:
- He “has been most vile to most of the fund managers for several years and bullying us.”
- “He bullied me into reopening my fund. This destroyed the performance of the fund and my reputation.”
- He made another executive, New Star’s then joint chief investment officer, bully me with “humiliating conduct.”
To be fair, Duffield has a reputation for being punchy.
According to This Is London, he once told three German executives of Commerzbank they were “Nazis.”
“I didn’t say, ‘You’re Nazis.’ I said: ‘You’re bloody Nazis.’ And I said: ‘You are Hitler, you’re Goering and the other… is Goebbels.’ They looked absolutely amazed.”
“I said it with a smile on my face.”
What happened was this: Evershed joined New Star under the agreement that his fund, New Star Select Opportunities, wouldn’t take new investments after 50 million pounds. Then Duffield “made” him and Evershed’s fund lost money, after which another man, New Star’s then joint chief investment officer, subjected Evershed to “humiliating conduct.”Evershed then sent a letter to HR about all this and the fund’s chief executive officer, Howard Covington, suspended him (“shortly after he send the letter”).
Eventually Evershed left the company and grew some balls.
Now that he’s got a new job (at Hargreave Hale Ltd. stockbrokers in London), he’s sued Duffield for bullying and become very confident about winning:
He told Bloomberg in a telephone interview that New Star’s “case is hopeless.”
“All my former colleagues from New Star are lined up behind me.” … “They are totally sympathetic and agree with me.”
This all sounds good and promising for Evershed, who seems like a nice and excitable guy. Here’s a bit of a character reference taken from an interview in which he told FX-MM Magazine:
“I hope to be going on in business for a few years yet,” he says, “but I should think I’ll be retired in 10 years time! I also hope to spend more time in politics, especially of course my main involvement with the Conservative Party where I’m the president of my local Conservative Association… or rather, I should say, spend more time with my wife and daughter… and then the Conservative party! We’ve got a cottage in Wales, so we like to keep fit by walking in the hills, Snowdonia chiefly; I love mountains, so I spend a bit of time skiing, and about a week each year walking in the Alps.”
But here’s the bad news. Duffield has a lot of friends, too.
From This is London:
Duffield is a revered figure in the Square Mile and has a huge followin. He’s self-made and responsible for creating more paper millionaires than any other person in Britain – 100 at Jupiter and over 40 at New Star. They were employees – including secretaries.
New Star has denied the allegations.
“This is a legacy issue,” a spokeswoman for Henderson (the company which now owns New Star) said.