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City Financial consolidates Mark Harris' multi-asset range
by Robert St George on Sep 16, 2013 at 13:03
The suite of multi-asset funds run by City Financial is to be merged and renamed with a new fee structure put in place.
The City Financial MultiManager Income and City Financial Global Multi-Strategy funds are to be combined, subject to unit-holder approval, into the City Financial Multi Asset Balanced fund. Together the funds currently hold £35 million. Mark Harris (pictured) will remain as manager.
Global Multi-Strategy and MultiManager Income are third and fourth quartile performers respectively in their Mixed Investment 20%-60% Shares sector over both three and five-year periods, although the latter remains in the top-quartile on a decade-long view.
Graham Glass’s £90 million City Financial Strategic Global Bond fund is also being rebranded as the City Financial Defensive Global Bond fund, and its objective will be adjusted to emphasise consistent returns and low volatility. The fund sits in the bottom quartile of its Global Bonds category over three and five years, posting losses in both timeframes.
City Financial further intends to overhaul its fee structure across the entire fund range, changing the treatment of operating expenses from variable to fixed costs in line with FCA guidance, launching new share classes, and reclassifying existing share classes to ensure consistency.
‘City Financial is committed to delivering expertly managed and scalable investment solutions to our clients,’ commented Ed Rosengarten, head of UK asset management at City Financial. ‘Part of this strategy involves continually assessing the fund range to ensure we continue to offer a compelling proposition to investors.’
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On the road
by Danielle Levy on Dec 12, 2013 at 09:03