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Crosby Asset Mgt Inc (ZOL)

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Wednesday 22 October, 2008

Crosby Asset Mgt Inc

CWM Reports Reduction in AUM

RNS Number : 4105G
Crosby Asset Management Inc
22 October 2008
 



22 October 2008


Crosby Asset Management Inc.

('CAM' or the 'Company', and together with its subsidiaries the 'Group')


Disclosure of Assets Under Management ('AUM') in Crosby Wealth Management ('CWM')


The Board of Directors of the Company (the 'Board') announces that the unaudited provisional and estimated AUM of CWM as at 30 September 2008 was approximately US$0.5 billion, from a total unaudited provisional and estimated AUM of approximately US$1 billion for the Group as a whole


The unaudited AUM of CWM as of 30 June 2008 was approximately US$1.4 billion, from a total AUM of approximately US$2.2 billion for the Group as a whole, as reported in the Company's interim results for the six months ended 30 June 2008. This represents a decrease of approximately 64 per cent. in AUM of CWM and a 55 per cent. decrease in AUM of the Group over the third quarter of 2008  .


In view of the continued volatility of the financial markets and the ongoing restructuring of the Forsyth range of fund of fund products, shareholders should be aware that there may be further declines in the AUM for the Group as a whole during the fourth quarter of 2008.  


This decrease in AUM at CWM, 56.14% owned subsidiary of the Company, will have an adverse impact on the ongoing revenue and profitability of the Group. A more detailed update will be provided as part of the third quarter trading update of the Company, due to be released in mid November 2008.


Enquiries:


Crosby Asset Management Inc.

Steve Fletcher


+44 20 7590 2800

Strand Partners Limited

Stuart Faulkner / Victoria Milne-Taylor


+44 20 7409 3494



This information is provided by RNS
The company news service from the London Stock Exchange
 
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