Express Mortgages Express Loans Bingo Lose Weight Franchising Dating Shopping Book Shop Find Spare Parts Cut Your Bills Wine Shop Legal Store FlatShare Cruises

FUNDS OPERATOR FORSYTH FOUNDERS

Thursday September 13,2007

Comment Speech Bubble Have your say(0)

A specialist investment group with $1.2billion (£600million) under management went into administration yesterday.

Forsyth Partners, with 110 staff and investments in 39 funds, called in administrator Grant Thornton after its Dubai-based sales operation was closed by the country’s financial regulators last month because it did not have enough money.

A Forsyth spokesman stressed the move had nothing to do with the credit crisis which has driven several hedge funds into closure.

The funds themselves were unaffected and outside investors would not lose money. It is believed the company decided to enter administration to protect money in Forsyth Partners from creditors in Dubai.

It was unclear what sparked Forsyth’s original difficulties but several firms are looking to buy all or parts of the group.

One, Crosby Capital, said it was still interested in some operations despite the move into administration.

Forsyth, founded in 1991 by Paul Forsyth, specialises in finding smaller hedge funds for clients to invest in. Kevin Forsyth became chief executive two years ago.