London-based funds house New Star Asset Management's head of structured products has resigned, extending a list of senior departures from the group at a time when its two chief investment officers come under increased pressure after suffering negative performance on their funds.

Ravi Anand, head of structured products at New Star, resigned last week. Donald Pepper, who is head of prime brokerage in Europe, the Middle East and Africa at Merrill Lynch International and is due to join New Star in September as head of alternative investments, will take over Anand's responsibilities. Anand is taking timing off to consider what to do next, according to a spokesman at New Star.