Perhaps it’s not exactly the best time for John Duffield’s well-funded brainchild to be issuing new shares (seeing as U.K. consumer confidence is now at its lowest level since Margaret Thatcher got thrown out on her ear in 1990) but, in this case, that’s not the point.

New Star, the fund manager run, on Friday said it would issue 35m new shares as part of a share-based incentive programme for senior managers. It will also introduce a cash bonus scheme for staff not in the share-based plan.

Mr Duffield said it was “important to ensure the interests of key employees are closely aligned with those of all shareholders and to make sure these employees are locked in.

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