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Husselbee set to run refocused CiF fund

Neptune’s multi-manager subsidiary North Investment Partners, headed by John Husselbee, will embrace the full inv- estment flexibility of Ucits III if its proposed appointment to manage a restructured City Financial fund is accepted by the fund’s shareholders.

City Financial will create the diversified absolute return fund by changing the name, objective and investment remit of its existing global health fund, subject to a shareholder vote on September 13.

The company regards the focus on global healthcare as too narrow and volatile for those investing for long-term growth. It believes a multi-manager, multi-asset portfolio, outsourced to North, will be better placed to reward investors. Husselbee will be responsible for asset allocation and selecting the underlying investments.

Ucits III has made wider investment powers available to the fund but these cannot be used in full unless the changes are made. If the proposals are accepted, the initial charge will reduce to 5 per cent from 6 per cent and the annual management charge will fall from 2 per cent to 1.5 per cent.

The fund had a global remit when City Financial was established in the 1960s and current chairman Robert Hain believes the proposals will bring the fund back to its roots.

Hain says: “John Husselbee has an enviable reputation as a multi-manager. The reason we chose him is that we think he will be the best at combining traditional multi-manager techniques with new structures.”

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