Forsyth goes into administration

Date: Thursday, September 13, 2007
Author: City and Business.co.uk

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.