Effective 1 April 2013, City Financial’s team of fund managers will assume investment management responsibilities across OPM’s GBP75.2 million fund range.
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City Financial said that fund manager, Mark Harris, will manage the EFA OPM Worldwide Opportunities Fund and EFA OPM Diversified Target Return Fund, while Leigh Himsworth, manager of the CF Eden Select Opportunities Fund, will be responsible for the EFA OPM UK Equity Fund and EFA OPM Equity High Income Fund.
OPM fund manager Tony Yousefian will join City alongside business development manager Richard Carswell. The acquisition will increase the firm’s overall retail assets under management to GBP420 million.
Ed Rosengarten, head of UK asset management at City Financial, says: "The board of OPM has been evaluating its business model and considering what is in the best interest of its clients, following the introduction of the Retail Distribution Review. The appointment of City Financial gives OPM clients access to a proven team of investment professionals with impressive track records, committed to delivering a compelling, expertly managed outcome to investors."
The deal is the latest in a series of expansionary moves from City Financial; the group brought its multi-asset range in-house in January and snapped up Eden Financial’s asset management business in October.
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