Crosby terminates Apollo joint venture

Crosby Asset Management (CAM) is terminating its joint venture with Apollo Multi-Asset Management.

CAM, which recently hired former Midas Capital managers Tom McGrath (pictured) and Steve Brann, will not be retaining any ownership. The termination comes into effect from 31 August 2009.

CAM chief executive officer Simon Fry said that when CAM entered into the joint venture with Apollo, it was always the intention to review its involvement at the end of June 2009.

'The Board of CAM has now decided that CAM will withdraw as Apollo's partner. This decision is in accordance with our stated strategy to continue to reduce costs and realise assets of the company wherever possible. We wish Apollo and its team a successful future,' he said.

Apollo, which as of 31 July 2009 had £31.2 million funds under management, has agreed to repay a £121,000 loan to CAM, which was provided by the group for regulatory capital and general working capital purposes.

Subject to regulatory approval, it is expecting Cloudy Lane Limited, a vehicle that represents the Nomura Employee Benefit Trust, of which Simon Fry is a potential beneficiary, to take a controlling interest in Apollo.