Crosby sells research and ratings business to Old Broad Street
Thursday, September 04, 2008
Crosby Asset Management has sold off the international funds research and ratings business it originally acquired from the administrator of Forsyth Partners in September 2007.
The division was sold for a nominal initial consideration with a three year earn out mechanism to Old Broad Street Research. Any cash received under the earn out mechanism will be used for general working capital.
As part of the deal Crosby will receive privileged access to OBSR's research database for three years.
Steve Fletcher, chief operating officer of Crosby, said that while the firm recognised the research and ratings division as a good operation, it was not core to its central business strategy.
He said that as Crosby moved 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 was an opportune time to sell the research and ratings business.
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