Money managers under the microscope
As predicted last November, troubled fund firm Crosby’s joint venture Apollo Multi Asset Management has struggled to attract assets and today Crosby announced it is pulling out as a partner in the loss-making boutique.
It will now have to repay regulatory capital of around $180,000 to Crosby as well as the balance of a loan Crosby had made.
A vehicle representing the Nomura Employee Benefit Trust (of which, by the way, Crosy CEO Simon Fry is a potential beneficiary) now plans to take a controlling interest in Apollo.
We’re hardly out of the woods yet, but more and more fund management companies are beginning to feel confident enought to say conditions are improving, if only very slightly.
“A modest, but noticeable, improvement in the operating environment was discernible,” it said in its half-yearly report, adding that business at its wealth managment unit “is showing modest signs of improvement”.
Crosby Asset Management’s high-profile deal to buy up funds from collapsed asset manager Forsyth Partners in 2007 just looks worse and worse.