City Financial has acquired OPM Fund Management for an undisclosed fee.
The deal sees City Financial acquire OPM’s £75.2m fund range with City Financial head of multi-asset Mark Harris taking on the management of the EFA OPM Worldwide Opportunities fund and EFA OPM Diversified Target Return fund.
OPM fund manager Tony Yousefian will join the multi-asset team at City Financial and will continue to manage the EFA OPM Fixed Interest fund. He also becomes lead manager of the OPM Property fund.
UK equity manager Leigh Himsworth, who manages the CF Eden Select Opportunities fund, will take on the management of the EFA OPM UK Equity fund and EFA OPM Equity High Income fund.
The team will continue to manage OPM’s model portfolios created for the Parmenion platform.
The deal marks the second big acquisition by City Financial in the past six months after the group acquired Eden Financial in October 2012. The deal saw Eden Financial head of asset management Ed Rosengarten join City Financial as head of UK asset management alongside the likes of Himsworth and Harris.
Rosengarten says: “The board of OPM has been evaluating its business model and considering what is in the best interest of its clients, following the introduction of the RDR. The appointment of City Financial gives OPM clients access to a proven team of investment professionals with impressive track records, committed to delivering a compelling, expertly managed outcome to investors.”