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Crosby withdraws from Apollo partnership

Crosby Asset Management has terminated its joint venture with Apollo Multi-Asset Management.

CAM is to withdraw as a partner from Apollo on August 31 and will no longer have any ownership of the firm.

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 currently has £31.2m of assets under management. The team includes the likes of former Miton fund managers Tom McGrath and Steve Brann.

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.

Fry says: “’When CAM entered into a joint venture with Apollo, it was always the intention to review our ongoing involvement at the end of June 2009. The Board of CAM has now decided that CAM will withdraw as Apollo’s partner. This decision is in accordance with our stated strategy to continue to reduce costs and realise assets of the company wherever possible. We wish Apollo and its team a successful future.”

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