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City Financial acquires Eden Financial AM
by Sarah Miloudi on Oct 01, 2012 at 09:07
City Financial has acquired Eden Financial's asset management arm and brought over a four-strong team that includes Ed Rosengarten.
Speaking to New Model Adviser®'s sister publication Wealth Manager, Rosengarten said that he, Leigh Himsworth, Mark Harris and Thomas Leah had joined at a time when London-based City Financial was keen to expand, and following on from Canaccord's acquisition of Eden's wealth management proposition.
'It was a fortuitously well-timed opportunity for both parties,' Rosengarten (pictured) said.
He will take on the role of UK asset management head at City Financial, while Himsworth will continue to manage the CF Eden UK Select Opportunities fund , which is transferring to City Financial.
Harris will develop City Financial’s in-house multi-asset capability and Leah, credit fund manager, and Eden’s head of discretionary sales, Kevin Mordrick, will join investment manager, David Crawford, who was appointed to City in August.
City chief executive Andrew Williams said: 'Our discussions with Eden Financial started only recently, but it swiftly became apparent to both sides that this was a timely opportunity that worked well for all parties.
He added: 'It extends our capabilities, adding significantly to what we are able to offer our clients, and puts us in a strong position to increase the pace of our acquisitions in the coming months.'
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