View more on these topics

City Financial to merge multi-asset funds


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.”



Novia profits rise towards £1m for 2012

Novia recorded pre-tax profits of £968,414 for 2012, compared to £106,626 the previous year.  Chief executive Bill Vasilieff says the platform’s relationship with Aegon helped it build revenue growth, up by 26 per cent from £13.4m to £17m. He says: “The continuing development of the relationship with Aegon and the underlying capabilities give it a […]


Lib Dems reject 50p income tax but vote for £1m lifetime allowance

The Liberal Democrats have narrowly rejected re-introducing the 50p top rate of income tax in a vote at its annual conference in Glasgow. The Fairer Taxes policy motion, debated on the conference floor, allowed a separate vote on the top rate of income tax with arguments made by leading Lib Dem figures. Former MP Evan Harris had […]


JP Morgan fined £572m over ‘London Whale’ trades

JP Morgan Chase Bank has been fined a total of £572m by UK and US regulators over the “London Whale” $6.2bn trading losses incurred by the bank. The FCA has fined the firm £137.6m, the US Securities and Exchange Commission has imposed a fine of $200m (£124.4m), the Office of the Comptroller of the Currency […]


Ian McKenna: Why the Iress/Avelo deal could be good news for advisers

The more I look at the Iress acquisition of Avelo, the more I think this deal makes a lot of sense for all involved. It is easy to think of Avelo as primarily a supplier of software to the investment and protection markets but in reality the business had acquired a number of mortgage software suppliers […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm