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City Financial UK asset management head quits

City Financial head of UK asset management Ed Rosengarten is leaving the firm.

Rosengarten’s role will be taken over by City Financial chief executive Andrew Williams. City Financial says Rosengarten is leaving to pursue other opportunities.

Rosengarten was heavily involved in the deal that combined Eden Financial with City Financial in October 2012. He has also spent 18 years at M&G including as equities chief executive.

Last month, City Financial announced the merger of the £12m City Financial MultiManager Income fund with the £23m City Financial Global Multi-Strategy fund.

The new combined City Financial Multi Asset Balanced fund will be managed by head of multi-asset Mark Harrris. The merger is subject to investor approval.

A City Financial statement says: “The City Financial investment management and sales teams are now fully integrated into the business and are delivering strong performance across the board. Having successfully completed this transition, Ed feels it is the right time to move on.”

City Financial chairman Rob Hain says: “We thank Ed for his outstanding contribution to City Financial’s success and wish him well for the future.”

EA Financial Solutions owner Minesh Patel says: “I think City Financial is obviously trying to penetrate the UK marketplace and obviously it has not been as successful as they would have liked.

“So, maybe there was need for change at the top. I do not see the firm as aspirational as others.”

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