Forsyth Partners, a $1.2bn (€890m) London-based asset manager, has had its licence to operate in Dubai revoked after it failed to meet local capital adequacy requirements. It is the first time the emirate's financial regulator has taken such a step.

The Dubai Financial Services Authority said the permissions had been taken from subsidiary Forsyth Partners Global Distributors, meaning it cannot operate inside the Dubai International Financial Centre, the emirate's banking hub.