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Crosby Capital Partners to take on Forsyth funds

Crosby Capital Partners is to take over the management of Forsyth Partners 39-strong fund of funds range, subject to regulatory approval.

The group concluded negotiations with Grant Thornton representatives David Dunckley and Steve Akers, who were appointed administrators of Forsyth Partners Ltd and Forsyrh Partners (Europe) Ltd late last week.

Crosby will also retain the support of numerous staff, including chief investment officer Peter Toogood.

The funds will retain the Forsyth name, while the $1.2bn acquisition will significantly enhance the assets and business scope of Crosby, which is an Asian-orientated merchant banking and asset management group.

Crosby chief executive officer Simon Fry says:” We have every confidence in the Forsyth team and look forward to them becoming an integral part of Crosby Asset Management and helping Crosby continue the strategic expansion of its business.

“As everyone knows the problems within the Forsyth Group stem from over-ambitious international expansion and are unrelated to the current turmoil in the sub-prime market; the high quality and integrity of the Forsyth fund management operation remain intact.”

Forsyth chief investment officer Peter Toogood says: “I am delighted that the negotiations have been speedily and successfully concluded and that we are able to reassure our clients of our continued focus on providing them high quality and innovative services. We are all excited by the opportunities provided by becoming part of an international group such as Crosby that has a clear commitment to the development of its asset management business globally.”

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