City Financial, a UK-based boutique asset manager, is seeking to expand its business by acquiring two multi-manager firms.

Andrew Williams, CEO of City Financial, was quoted by Investment Week, saying that he has placed a bid for one firm, and also intending to complete a second deal by the end of 2013.

Williams said that both acquisitions were parts of the business that no longer fit the strategic objective of their owner.

"They fit mine because they would allow [multi-asset fund manager] Mark Harris to have more assets under management. The deals will benefit clients by way of reduced TERs on the larger funds," Williams added.

Furthermore, the group has appointed a second manager for the Defensive Global Bond fund, managed by Graham Glass, after the fund’s assets hit £100 million.

Phillip Lee joined the firm on 1 November as a global fixed income manager from Asset Risk Consultants.