Search for a buyer as Forsyth Partners goes into administration

Forsyth Partners, a fund research company and fund of funds manager, has been placed in administration and dealing in its 39 funds has been suspended.

Grant Thornton, the administrator, is trying to secure a sale for the company, which has $1.8 billion (£893m) in assets under management.

David Dunckley and Stephen Akers of Grant Thornton say they will seek to “ensure the investment management team led by Peter Toogood will continue to manage the assets of the various funds promoted by Forsyth Partners”.

Forsyth Partners, which has offices in central London and Croydon as well as a presence in nine other countries, has been in talks with Crosby Capital Partners over an acquisition.

Crosby is a merchant bank, asset manager and wealth manager with offices in London, Hong Kong and Singapore.

Sources have suggested that interested bidders have only been willing to pay a “nominal” sum for Forsyth Partners.

At the end of August the Dubai International Financial Centre (DIFC) withdrew the licences for Forsyth Partners Global Distributors and Forsyth Partners (Middle East) for failing to meet capital adequacy requirements.

The Financial Services Authority has also suspended Forsyth Partners’ authorisation.