The promoter and manager of a 1.3 billion Dublin-based fund of funds has gone into administration, Independent reports.
The administrators to Forsyth Partners Limited, which employs 70 people, said it hoped to find a buyer for the company within days. FPL managed the Forsyth Funds, a Dublin-based fund which invests in 39 subsidiary funds.
According to the administrator, David Dunckley of Grant Thornton UK, the collapse of the company is unrelated to the current credit crunch which has afflicted many hedge funds.
“The board has been informed by the administrators that it is their intention to endeavour to sell the business of FPL as a going concern and, in particular, to endeavour to ensure that the current investment management team led by Peter Toogood will continue to manage the assets of the various fund companies promoted by FPL,” says Forsyth Funds. “A suitable purchaser for the business is expected within the next 48 hours.”
It is understood that FPL’s problems stem from an unsuccessful expansion into the Dubai market.