Fund Of Funds Forsyth Goes Into Administration, Up For Sale

Sep 14 2007 | 10:50am ET

Fund of funds shop Forsyth Partners is on its way out, going into administration and suspending its funds. Newly-appointed administrator Grant Thornton U.K. hopes to sell the business within the next two days, saying the funds themselves are in no trouble.

“The funds are absolutely fine,” Grant Thornton’s Steve Akers told Bloomberg News. “It’s the investment management business that got itself into trouble.” He said the firm “overstretched itself” by opening offices across the Middle East and Asia. London-based Forsyth, which manages US$1.2 billion, is owned by Dubai-based Forsyth Partners Group Holdings.

Forsyth has lost its licenses in both the U.K. and Dubai, the latter due to failure to meet capital requirements.

Chief Investment Officer Peter Toogood and his staff will continue to manage the firm’s assets.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...