Iveagh's investment team, including CIO Chris Wyllie, will no longer join acquirer City Financial, Wealth Manager can reveal.
The team, including ex-cover star CIO Chris Wyllie (pictured) and head of macro research William Beverley, will not move over to City Financial as was initially planned. Subject to regulatory approval, City Financial is in the process of acquiring Iveagh's multi-asset funds business, which amounts to just under £200 million in assets.
Wyllie explained: 'Whilst moving to City Financial with our funds business was an enticing prospect, and I was grateful for the opportunity, I’ve decided that after eight great years at Iveagh, it’s a good moment to consider a number of options which have presented themselves to me. I do this safe in the knowledge that our public funds are in safe hands at City Financial.'
Iveagh chair Lord Iveagh added: 'Chris has done a magnificent job as my family’s CIO over the last eight years. More than that, he has always been a trusted source of wisdom and guidance, for which we are very grateful.
'Unsurprisingly, his talents are in demand, and whilst we’re sorry he’s decided to move on, we entirely understand and respect his decision. We wish him well for what will surely be a bright future.'
Iveagh analysts Minyi Soon and Brendan Mulhern will also not join City Financial.
The tie-up follow City's acquisition of OPM Fund Management last year, as revealed by Wealth Manager, alongside that of Eden Financial the previous year.Iveagh's flagship Wealth fund posted a 6.2% return over the past three years to the end of March versus a 10.7% rise by the Mixed Assets - Absolute Return Sector average.