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City Financial to buy Iveagh funds business

by Danielle Levy on Apr 04, 2014 at 14:06

City Financial to buy Iveagh funds business

City Financial is set to acquire Iveagh's funds business.

Iveagh's CIO and investment team will move over as part of the deal to run Iveagh's multi-asset funds business, worth just under £200 million, which will transfer over.

The deal, which is subject to regulatory approval, follows City's acquisition of OPM Fund Management last year, as revealed by Wealth Manager, alongside that of Eden Financial the previous year.

The investment team, including former Wealth Manager cover star Wyllie (pictured) will move over once the deal completes.

Richard Ford, CEO of Iveagh, commented: 'Iveagh and City Financial are delighted to confirm that they are entering into an arrangement to transfer Iveagh's Dublin-domiciled Ucits business to City Financial. Investors in the funds should be reassured that the investment team will remain headed by Chris Wyllie and the Guinness family will remain invested in the funds.'

Iveagh's flagship Wealth fund posted a 6.2% return over the past three years versus a 10.7% rise by the Mixed Assets - Absolute Return Sector average.

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