London funds house New Star Asset Management has been hit by another fund manager departure as rival funds houses line up bids for the company.

Hitesh Thakrar, former manager of the £29m (€30.9m) New Star Global Equity fund and the £155m New Star Technology Unit Trust has left the company, according to a statement from New Star issued today. He is understood to have left for a London-based job with a sovereign wealth fund, according to sources familiar with the situation.