Funds under management at New Star Asset Management, the London-based funds house that has admitted suffering its most difficult period since launching in 2001 remain down on the end of last year, despite a tentative recovery over the past two months.

In an interim management statement released today, New Star revealed that its assets under management as of May 14 were about £21.7bn (€27.3bn). This figure is down on the £23.1bn held at the end of last year but is up slightly on the £20.3bn it reported on March 18.