Fry has over 20 years experience in investment banking, most recently as the chief executive officer at Crosby Asset Management. He previously worked at Nomura, where he was managing director and European Board member as well as a member of Nomura’s risk committee and credit committee.
Fry’s appointment comes as CAM has terminated its joint venture with Apollo.
Apollo has agreed to repay a loan of £121,000 to CAM, which was provided by the group for regulatory capital and general working capital purposes. Apollo is to continue managing the Forsyth funds acquired by CAM in 2007.
Subject to FSA approval, Cloudy Loan Limited is set to take a controlling stake in Apollo. Cloudy Lane represents the Nomura Benefit Trust of which Simon Fry, who is CAM chief executive officer, is a potential beneficiary.
Apollo currently has £31.2m of assets under management. The team includes the likes of former Miton fund managers Tom McGrath and Steve Brann.