City Financial has acquired the asset management arm of Eden Financial.
The deal will see Eden Financial head of asset management Ed Rosengarten join City Financial alongside the likes of UK equity fund manager Leigh Himsworth and multi-asset fund manager Mark Harris.
Completing the five-strong team joining City is credit fund manager Thomas Leah and head of discretionary sales Kevin Mordrick. They join investment manager, David Crawford, who was appointed in August 2012.
The deal comes a week after Canaccord Financial announced it is to acquire the wealth management arm of Eden Financial for £12.8m.
Himsworth will continue to manage the £30m CF Eden UK Select Opportunities fund as part of the deal, with the fund being transferred over to City Financial.
Rosengarten, who has become head of UK asset management at City, says: ““This is an ideal outcome for all involved. Because we are moving to City Financial as a team, the transition is seamless, enabling us to assure clients and advisers that it’s ‘business as usual’. We are primed and ready to start work immediately on further building City Financial’s asset management capability and client proposition.”
City Financial chief executive Andrew Williams says: “Our discussions with Eden Financial started only recently, but it swiftly became apparent to both sides that this was a timely opportunity that worked well for all parties. It extends our capabilities, adding significantly to what we are able to offer our clients, and puts us in a strong position to increase the pace of our acquisitions in the coming months.”