Management buy-out for investment firm

Tuesday 29th July 2008, 2:59PM BST.

CHANNEL Islands investment manager Dawnay Day Milroy has cut its ties with the Dawnay Day Group.

On Friday the company, which has around £604 million worth of assets under management, announced a management buy-out of 50 per cent and will now trade as Corazon Capital Management.

The news comes at a time when Dawnay Day International, the financial services arm of the group, has entered into administration.

The CI firm, which was founded in 1997, entered into a licensing agreement in 2002 to use the Dawnay Day name.
However, it has always remained independent.

The management team funded buy-out of the remaining shareholders is being led by joint-managing directors Robert Milroy and Paul Meader.

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