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City Financial rebrands OPM equity income fund

City Financial rebrands OPM equity income fund

The OPM Equity High Income Portfolio fund is to be rebranded as the City Financial UK Income Opportunities fund.

City Financial acquired the fund in April 2013 when it absorbed OPM Fund Management.

The fund had been a laggard – returning a fourth-quartile 29.5% over the past three years, compared with an average of 36.2% from its IMA UK Equity Income sector – but its performance has turned around since Leigh Himsworth (pictured) took the reins in April.

On a one-year view, the £12.1 million fund has returned a top-quartile 21.2% compared with a sector average of 16%. Its net distribution yield is 3.24%.

Last month City Financial merged Tony Yousefian’s £31 million OPM Fixed Interest fund into the City Financial Diversified Fixed Interest fund, run by Mark Harris.

It was revealed this week that Yousefian would be joining Charteris, taking the OPM Property Portfolio fund with him.

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