Aberdeen Asset Management is also thought to be a possible bidder. The group favours Dechert for UK deals, having used the US firm in 2005 for its purchase of Deutsche Asset Management. It has also used Maclay Murray & Spens and Allen & Gledhill.
Other parties involved in the sale include Henderson and Neptune Asset Management, both of which have used Slaughter and May in the past, and Gartmore, which has a panel of firms including Ashurst, Eversheds and Simmons & Simmons.
Olswang’s inclusion is a boon for the firm’s ambitious corporate group. The firm advised on New Star’s entry to the London Stock Exchange in 2007, as well as its inclusion on AIM in 2005.
New Star is thought to have lost around £2bn since the start of the year as investors ;scramble ;to withdraw their funds from the ailing asset manager.
The group confirmed that it had received a number of approaches from potential buyers.