Alan Miller, the former chief investment officer and a founding shareholder of New Star Asset Management until his departure early last year, is joining alternative investment manager SilverStreet Capital as a partner.
Miller who played an important role in the development of New Star following its establishment in early 2001, was previously a director at Jupiter Asset Management between 1994 and 2000, where he was in charge of the firm's specialist high-performance division.
At Jupiter, he launched the first UK equity long/short hedge fund in January 1997, managing it for more than nine years (the fund was transferred as part of the settlement when Jupiter chief executive John Duffield and several of his colleagues, including Miller, left to found New Star). The fund returned an average of more than 17 per cent a year in the period from its launch to the end of June 2006.
Earlier Miller was a senior fund manager at Gartmore Investment Management between 1988 and 1994, responsible for managing various high-performance UK equity funds. He is also a non-executive director of several private companies including a cancer drug company spun out from Oxford University, and a tissue regeneration pharmaceutical company spun-out from Leeds University.
At SilverStreet Capital Miller will be working with founding partner and chief executive Gary Vaughan-Smith (photo), a former colleague from Gartmore, who says: 'I am very pleased to be working with Alan again.
'He has an excellent track record both as an investment manager and in building businesses. Current market conditions present a number of opportunities for us to develop the business, both organically and through acquisition, and Alan will be an important addition to the team.'
Says Miller: 'I am delighted to be joining Gary at SilverStreet Capital. The business has performed very well and is well positioned to exploit a number of opportunities in the asset management sector.'
SilverStreet Capital was launched in April last year by Vaughan-Smith and Alex Da Costa with USD500m in assets under management. Vaughan-Smith was at Gartmore from 1990 to 2001, initially heading the quantitative investment and risk consultancy teams and later leading the firm's global team, with responsibility for some USD26bn in assets under management. Between 2001 and 2006 he was head of the alternative investment group at ABN Amro Asset Management, overseeing asset growth from less than USD50m to several billion dollars.