Forsyth funds resume normal trading
Following the agreement to transfer the Forsyth Partners' investment management contracts to Crosby Capital Partners on September 18 and the completion of the associated regulatory approval process, the Forsyth fund range has resumed normal trading.
Most Forsyth funds resumed trading on September 28, with the exception of the Forsyth Global Commodity, Forsyth Global Property and Forsyth Private Equity funds, which followed on October 1. Trading in the Forsyth Indian Opportunities Fund will follow once the regulatory approval has been obtained.
The Forsyth Funds were suspended on September 12 when Forsyth Partners went into administration. The suspension of the funds was not directly related to their day-to-day management, and was not due to market factors. The investment team headed by chief investment officer Peter Toogood remains in place and the various fund mandates are unaltered.
'I am delighted that normal trading has resumed and that the updated NAVs demonstrate the quality and robustness of the Forsyth Funds,' Toogood says. 'The Crosby deal has been sponsored by and involves the full participation of senior members of the distribution, investment and operational team.
'The deal involves the purchase of Forsyth's core operating and administration infrastructure, and hiring all of the staff within the UK plus key members of the overseas distribution team. In terms of products and services it will be business as usual.
'We remain passionate about the research-driven investment model we have created and we intend to grow the fund product range and advisory and bespoke side of our research service. With Crosby's support, our emphasis will return to the international arena which is our true heritage.'
Forsyth Partners is a UK-based asset management business with more than USD1bn in assets under management that specialises in fund of funds portfolio management and has investment mandates covering equities, bonds and alternative strategies.
The business was established in 1991, and, over the last 15 years, Forsyth Partners has provided research, consultancy and investment management services to more than 600 clients in over 55 countries. The firm ran into financial problems at the end of August when the Dubai regulator withdrew the licence of its international distribution business.
AIM-listed Crosby Capital Partners, which swiftly moved to acquire Forsyth Partners last month, is an independent Asia-oriented merchant banking and asset management group with some USD2.5bn in assets under management including the Forsyth range of funds.
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