ZOL.L Regulatory News (ZOL)

18 Sep 2007 09:05

Crosby Capital Partners Inc18 September 2007 Crosby Capital Partners Inc ("Crosby") Crosby Capital Partners successfully concludes negotiations with Forsyth's administrators London Sept 18th - Crosby announces that it has successfully concludednegotiations with David Dunckley and Steve Akers of Grant Thornton UK LLP, theAdministrators of Forsyth Partners Limited and Forsyth Partners (Europe) Limited(together "Forsyth"). As a result, Crosby will be appointed as the manager ofthe Forsyth funds (see list below) and will hire Forsyth's investmentmanagement, research and distribution team. As part of the negotiations, Crosbyhas also secured the on-going support of key operational and administrativepartners to ensure the continuity and consistency in the management andadministration of the Forsyth funds. The Forsyth funds will continue to tradeunder the Forsyth name. The transaction will provide Crosby with a suite of 39 fund-of-fund productscovering equities, bonds and alternative strategies. The Forsyth funds currentlyhave approximately US$1.2 billion invested in a wide range of strategies andmarkets. Consequently, it is anticipated that the deal will significantlyincrease Crosby's assets under management whilst providing a robust platform forthe strategic growth and diversification of Crosby's asset and wealth managementbusiness. Completion of the transaction is subject to such regulatory approvals asrequired of the Financial Services Authority, the Irish Financial ServicesAuthority and the equivalent Bermudan and Cayman regulatory authority as arerequired to permit Crosby Capital Partners Limited to provide investmentmanagement services to the Funds. _____________________________________________________________________ Simon Fry, Crosby's CEO, commented: "I am pleased that the negotiations withGrant Thornton have been brought to a successful conclusion and that we not onlyprovide continuity for the funds under management, but also a clear directionfor future growth. We have every confidence in the Forsyth team and look forwardto them becoming an integral part of Crosby Asset Management and helping Crosbycontinue the strategic expansion of its business." Fry went on to observe: "As everyone knows the problems within the Forsyth Groupstem from over-ambitious international expansion and are unrelated to thecurrent turmoil in the sub-prime market; the high quality and integrity of theForsyth fund management operation remain intact." On behalf of the Forsyth team, Peter Toogood, Chief Investment Officer,commented: "I am delighted that the negotiations have been speedily andsuccessfully concluded and that we are able to reassure our clients of ourcontinued focus on providing them high quality and innovative services. We areall excited by the opportunities provided by becoming part of an internationalgroup such as Crosby that has a clear commitment to the development of its assetmanagement business globally." Note:Crosby Capital Partners Limited will be appointed as investment manager to thefollowing Forsyth funds: •Forsyth Alternative Income Fund •Forsyth Diversity Fund •Forsyth Equi-Beta Fund •Forsyth Funds plc (an umbrella fund) •Forsyth Indian Opportunities Fund •Forsyth Leveraged Diversity Fund •Forsyth Global Property Fund •Forsyth Global Commodity Fund •Forsyth Global Private Equity Fund •Forsyth Alternative Strategies Series •Forsyth Managed Strategies Fund For further information please contact Crosby Capital Partners Inc.Steve Fletcher +44 20 7590 2800 About Crosby Capital Partners Crosby Capital Partners Inc. is a leading independent deal-focused Asia-orientedmerchant banking and asset management group. Crosby is quoted on the AIM marketof the London Stock Exchange. Further details can be found on Crosby's websitewww.crosby.com. This information is provided by RNS The company news service from the London Stock Exchange