SilverStreet hires ex-New Star manager Alan Miller

LONDON, Nov 10 (Reuters) - Fund of hedge fund firm SilverStreet Capital said on Monday it had recruited Alan Miller, the high-profile former chief investment officer of New Star Asset Management NSAM.L, as partner and fund manager. Miller, a founding shareholder of New Star, left the firm last year by mutual consent following a sabbatical after losing a House of Lords appeal against a 5 million pound ($7.89 million) payment to his former wife in a high-profile divorce. A spokesman said Miller would be co-manager of SilverStreet's fund of hedge funds but would not manage a single-strategy hedge fund. "Current market conditions present a number of opportunities for us to develop the business, both organically and through acquisition, and Alan will be an important addition to the team," said SilverStreet Chief Executive Gary Vaughan-Smith.

Miller, formerly a director and hedge fund manager at Jupiter, joined New Star in 2001. He ran the firm's flagship UK Growth fund, but this was passed on to Stephen Whittaker, recruited from Invesco Perpetual, in 2002 following a period of underperformance.

SilverStreet manages $600 million in fund of hedge fund assets. (Reporting by Laurence Fletcher; Editing by David Cowell)