City Financial is to acquire OPM Fund Management, New Model Adviser’s sister title Wealth Manager has reported.
City Financial will take on OPM's fund range, which has around £75.2 million in assets, for an undisclosed sum.
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 £420 million.
The remainder of the OPM team, including fund manager Ross Henderson, are set to assume roles at Smith & Pinching, the independent financial advisory and insurance broking firm that has historically backed OPM.
Following completion of the acquisition, Mark Harris will take over management of the OPM Worldwide Opportunities and Diversified Target Return funds, which collectively comprise around £15 million in assets.
Ed Rosengarten (pictured), head of UK asset management at City Financial, said the boa City Financial to acquire OPM Fund Managementrd of OPM had opted to sell after evaluating its business model following the introduction of the retail distribution review.
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