City Financial has acquired OPM Fund Management for an undisclosed fee.
The deal sees City Financial take on OPM’s £75.2m fund range with City Financial head of multi-asset Mark Harris managing the EFA OPM Worldwide Opportunities and Diversified Target Return funds.
OPM fund manager Tony Yousefian will join the multi-asset team at City Financial. He will continue to manage the OPM Fixed Interest fund and becomes lead manager of the OPM Property fund.
CF Eden Select Opportunities fund manager Leigh Himsworth will take on the management of the OPM UK Equity fund and 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.”
Skerritt Consultants head of investments Andy Merricks says: “It’s a good move for City if they want to be a big player in multi-asset. We may see more deals like this in the post-RDR world.”