City Financial has gained shareholder approval to change its CiF global health fund into the multi-manager diversified total return fund and is planning new fund launches within the next month.
The appointment of North Investment Partners, a subsidiary of Neptune headed by John Husselbee, to manage the diversified total return fund signals a relaunch of City Financial.
The firm was acquired by Wittering from the Capita Group in January and as part of the relaunch, City Financial is set to announce the appointment of a “familiar face to IFAs” to its marketing department. It will not reveal any more details at this stage.
The firm aim to offer two new funds within the next month but until then, it is concentrating on ensuring that Husselbee and Millennium – the firm managing its bond fund – are bedded down and raising its profile among IFAs and investors.
City Financial cannot say how long it will take the new managers to change the current content of the portfolios but says they are already fully operational and expecting to see more interest from IFAs and their clients.
Chairman Rob Hain says: “We know interest in the funds depends hugely on professional trade press to provide an early indication of what IFAs should look out for. We will also be announcing an association with an individual who will undertake marketing for us. That individual is a very familiar person to IFAs.
“We anticipate two new fund launches, probably within the next month, as we have been working on a number of initiatives. Beyond that, we anticipate the early adoption of the funds among IFAs and clients who will want to have a look in earlier rather than later. This will be our test market.”