City Financial has agreed to acquire the Assetmaster fund range from Investec Wealth & Investment, adding 10 funds with total assets of £204m.
The funds’ management team, which is led by Laurence Boyle, will not move across as part of the deal.
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The funds, which became part of Investec Wealth & Investment when it acquired Williams de Broë in 2012, will now be managed by City Financial’s multi-asset team.
Mark Harris, head of multi-asset at City Financial will manage the cautious portfolio, balanced portfolio, growth portfolio, global thematic portfolio, chameleon capital and multi-strategy funds.
Graham Glass, head of City Financial’s fixed income team, will manage the fixed income fund.
Funds which are currently managed by Oriel Asset Management i.e. Oriel UK, European and Global fund, will remain under the same team.
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By GlobalDataCity Financial CEO Andrew Williams said: "This acquisition from Investec Wealth & Investment enables us to provide investors in those funds with a long-term investment solution and grow both our multi-asset and fixed income propositions.
"We are working closely with Investec Wealth & Investment to ensure a smooth transition process for investors."
The deal, which is subject to regulatory approval, will also see City Financial becoming the authorised corporate director of the funds.
