On December 3 a syndicate of banks — HBOS, HSBC, Lloyds TSB, National Australia Bank and Royal Bank of Scotland — took control of 75 percent of the equity in U.K. fund manager New Star Asset Management Group in exchange for canceling £240 million ($350 million) of debt.

The move comes on the heels of investor withdrawals this year that hit 39 percent, pushing New Star’s total assets at the end of November to £13.9 billion. "The board should now not flinch at sacking fund managers who try to put themselves before the business," says Ken Murray, chairman of Blue Planet Investment Management, a Malta-based manager that bought a 6.7 percent share of New Star in early December. John Duffield, the outspoken executive chairman and founder, sold 40 percent of his shares last March and pocketed a shareholder payout in June, Duffield is sitting on £155 million.