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City Financial to merge multi-asset funds

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City Financial is to merge the £12m City Financial MultiManager Income fund and the £23m City Financial Global Multi-Strategy fund, subject to investor approval.

Both funds are managed by head of multi-asset Mark Harris. The combined fund will continue to be managed by Harris and will be branded the City Financial Multi Asset balanced fund.

The company is also renaming Graham Glass’s £90m City Financial Strategic Global Bond fund as the City Financial Defensive Global Bond fund with a new objective of targeting lower volatility.

City Financial head of UK asset management Ed Rosengarten says: “The name changes and refined objectives of the City Financial Global Multi-Strategy fund and City Financial Strategic Global Bond fund will provide clarity, better reflecting each fund’s true nature and ensuring consistency across our fund range.”

Chase de Vere head of communications Patrick Connolly says: “The merger is not a great surprise. We have been seeing consolidation and we will see see far more.

“City Financial is not a household name for investors though it is reasonably well known with advisers. This merger could be a step forward for the firm to improve this.

“Whether the merger is enough for them to make an impact is doubtful but it is enough for them to reduce costs and they may be able to pass cost savings onto investors.”

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