John Duffield who founded Jupiter Asset Management in 1985 and New Star in 2001 has now launched Hyde Park Asset Mangement, a new venture, just days after the collapse of New Star.

The details of what the new company will be engaged in still a matter of conjecture but according industry sources the company may start off with managing Duffield's personal wealth. This may then attract other family offices before taking on retail funds. 

Duffield set up two of the UK's leading retail investment houses from scratch is now thinking in terms of a more stable business plan, such as private asset management business, according to industry sources.

New Star's former business director, John Jay is also learnt to be part of the new venture.

According to media reports Duffield has leased the 10th floor of the former New Star headquarters in Knightsbridge which was acquired by Henderson as part of a buy-out.

Duffield founded Jupiter Asset Management in 1985. He later sold a portion of it to the German bank Commerzbank, before the bank took over completely in 2000. 

 He then went on to establish New Star, acquired a high-profile presence in retail fund management. The company however, started to founder as the economic downturn deepened last year. 

The troubled company was first acquired by its banks in a debt-for-equity rescue before being finally sold to Henderson Global Investors in January for £107million. 

About 100 of its former staff, including Richard Pease and Guy de Blonay, key fund managers moved across to Henderson's offices on Bishopsgate last week. 

Andrew Formica, chief executive of Henderson, had told the media in February that he expected Duffield to return probably to run his own money. He said that he did not expect Duffield to stop working.

Duffield, is believed to have lost £950,000 on his 7 per cent stake in New Star before stepping down at the end of March. He will be 70 in June but has vowed not to retire before he is 90.

When he was asked a few years back what motivated him to keep working he answered that it was all about proving that one is able to do whatever one attempting to do –which in his case meant another successful fund-management company.

He also acknowledged a 'what else would he would do factor to his drive. He would go home, watch television and be dead in a year he said.