The demise of New Star Asset Management, the UK fund manager taken over by its bankers last week and set for a delisting, epitomises the changed circumstances of the asset management industry. Circumstances that may require a different kind of leadership.

John Duffield, who founded New Star in 2000 and remains its chairman, was undoubtedly the right man to lead the company at the outset. Yet if he is considering retirement, as is reported this morning, it may be an opportune moment.