If that's straight-up bog-standard ANSI C++, then yes, there's a memory leak.

But, to put my Devil's Advocate hat on a moment: the environment could be GCed and new could be overridden to return a GCed pointer, as opposed to a naked pointer. (There are lots of good GCs for C++ -- see, e.g., http://www.hboehm.info/gc/)

One of the great things about C++ is how thoroughly you can customize the system using operator overloading. One of the big drawbacks about C++ is that without knowing the precise environment in which the code is operating, you really don't know what 'new' does. Or any other operator, for that matter. :)