4 Sep 2008 07:00
Crosby Asset Management Inc.
("Crosby" or the "Company")
Sale of International Funds Research and Ratings Business
Crosby Asset Management ("CAM") is pleased to announce the sale, for a nominal initial consideration with a three year earn out mechanism, to Old Broad Street Research ("OBSR") of the international funds research and ratings business CAM acquired from the administrator of Forsyth Partners in September 2007. Any cash received under the earn out mechanism will be applied to general working capital for the development of the Company.
As part of the deal CAM will receive privileged access to OBSR's research database for three years.
Steve Fletcher, Chief Operating of CAM, commented: 'When we acquired the ratings business as part of the Forsyth takeover, we recognised that research and ratings, while a good operation, was not core to our central business strategy. As we move towards the completion of the restructuring of the business to focus on two key funds - a multi-asset long-only fund and a multi-strategy fund of hedge funds - it is an opportune time to sell the research and ratings business. We know OBSR well, and we are confident that the move will ensure continuity of service for both our asset management and research clients'.
Enquiries:
| Crosby Asset Management Inc. Steve Fletcher | +44 20 7590 2800 |
| Strand Partners Limited Stuart Faulkner | +44 20 7409 3494 |