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City Financial to acquire OPM Fund Management
by Danielle Levy on Apr 02, 2013 at 07:49
City Financial is to acquire OPM Fund Management, Wealth Manager can reveal.
As part of the deal City Financial will take on OPM's fund range, worth some £75.2 million in assets, for an undisclosed sum. OPM fund manager Tony Yousefian will join City as part of the deal 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.
Yousefian, meanwhile, will continue to run the £37.5 million OPM Fixed Interest, OPM Property fund alongside OPM's model portfolio range, which is currently available on the Parmenion platform.
It is understood that in time the objective and remit of both funds is likely to be changed from fund of funds to direct equity, while all funds will move over to City Financial as their authorised corporate director (ACD).
Ed Rosengarten (pictured), head of UK asset management at City Financial, said the board of OPM had opted to sell after evaluating its business model following the introduction of the retail distribution review (RDR). The move will enhance City's growing fund range and improve scale.
'Our absolute focus is on getting and delivering great returns for OPM clients. If we can do this and give access to good managers, we can grow the business,' he told Wealth Manager.
Rosengarten did not rule out further acquisitions. 'We will treat opportunities in an appropriate and considered fashion,' he said.
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- EFA OPM Diversified Target Return B Acc
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- EFA OPM Fixed Interest B Acc
- EFA OPM Property B Inc
- EFA OPM Worldwide Opportunities B Acc
- EFA OPM UK Equity A Inc
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by Danielle Levy on Dec 04, 2013 at 11:37