29 Sep 2008 07:00
29 September 2008
Crosby Asset Management Inc.
("Crosby" or the "Company")
Closure by Forsyth Funds plc of its sub funds (the "Forsyth Sub Funds") and the resignation, by the Company, from its role as investment manager to Forsyth Funds plc
The board of Crosby (the "Board") today announces that it has resigned from its role as investment manager ("Investment Manager") to Forsyth Funds plc, such resignation to be effective from 21 March 2009.
The Forsyth Sub Funds comprise Forsyth Global Thematic Fund, Forsyth North America Fund, Forsyth Global Emerging Markets Fund, Forsyth Global Balanced Fund, Forsyth Global Bond Fund, Forsyth Greater Europe Fund and Forsyth Lodsworth Global Emerging Markets Debt Fund.
The Board made the decision to resign as Investment Manager following a resolution by the board of directors (the "Fund Board") of Forsyth Funds Plc to close the Forsyth Sub Funds. The Fund Board decided to close the Forsyth Sub Funds because they have, in recent weeks, received redemption requests representing approximately 81 per cent. of the total net asset value of the Forsyth Sub Funds and the Fund Board informed the Board that it believes that the current turbulent market conditions make it highly unlikely that the Forsyth Sub Funds will generate greater subscriptions than redemptions, therefore making it, in the view of the Fund Board, no longer economically viable to operate them.
Forsyth Funds plc will today release a RNS announcement on the Regulatory Information Service of the Irish Stock Exchange, which can be found at www.ise.ie, providing further detail of the closure of the Forsyth Sub Funds and summarising what action shareholders of the Forsyth Sub Funds should take. Forsyth Funds plc has also today written directly to each shareholder of the Forsyth Sub Funds setting out in detail what action they should take and enclosing redemption form(s).
As stated in the Company's Interim Results, published on 8 August 2008, Crosby's strategy remains based around restructuring the Forsyth Managed Strategy Fund into a multi-asset investment fund and restructuring the Forsyth range of fund of hedge funds into a consolidated multi-strategy fund of hedge funds. Accordingly, the Board is continuing to focus on the restructuring of other non-core funds within Crosby and will provide further updates on the implementation of that strategy as appropriate.
Enquiries:
| Crosby Asset Management Inc. Steve Fletcher | +44 20 7590 2800 |
| Strand Partners Limited Stuart Faulkner / Victoria Milne-Taylor | +44 20 7409 3494 |