Thursday, 30 June 2016
Last updated 26 min ago
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.