Times Online – RAB Capital has agreed to sell Northwest, its loss-making Asia-focused investment business, back to its founding principals for only £1 million in the latest sign of retrenchment by the AIM-listed London hedge fund manager.

RAB, which originally paid more than £20 million for the business, said today that it would sell Northwest’s three funds to George Philips and David Rogers, who set up the business in 1998.

Mr Philips and Mr Rogers will take assets of about $300 million and a team of about 12 people with them. Northwest generated pre-tax profits of about £9 million in 2007 but is expected to be loss-making for last year.

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Tags: 1-million, aim, asia, assets, david rogers, george philips, hedge-fund-manager, investment business, london, mr rogers, principals, retrenchment, tax profits