New Star co-chief investment officer leaves

LONDON (Reuters) - New Star Asset Management (NSAM.L) said on Friday joint chief investment officer CIO.L Stephen Whittaker is leaving the company as part of a reorganisation.

Whittaker will be replaced by Trevor Green on the 343 million pound UK Growth fund, which has fallen 52.4 percent over the past two years, compared with an average 31.2 percent fall among peer funds and a 30.5 percent drop in the FTSE All Share index .FTAS.

New Star also said it plans to recruit a new chief investment officer and said it would merge some smaller and poorly-performing funds.

The changes will contribute towards 20 million pounds of cost savings announced on November 14, the group said.

At the time New Star also said it had accepted tougher terms on its bank debt amid accelerating outflows and volatile markets.

(Reporting by Laurence Fletcher; Editing by David Holmes)