City Financial set to expand product range
Group’s new head of UK asset management aiming for new launches but not ‘product proliferation’.
Ed Rosengarten has said he will be launching products at City Financial in the next 18 months in a bid to boost the group’s internal capabilities.
Mr Rosengarten, (pictured), the former M&G Investments equities chief, has joined City Financial with UK equity manager Leigh Himsworth, multi-manager Mark Harris, credit manager Thomas Leah and head of discretionary sales Kevin Mordrick.
The group’s new head of UK asset management said Mr Himsworth’s £25.5m CF Eden UK Select Opportunities fund, which is top quartile since launch on September 1 last year, would be transferring to City Financial and that the manager would continue to run the fund.
But Mr Rosengarten said more funds would be launched.
“Clearly if you are building an in-house asset management team the products should capture that and we will be looking to develop products over the course of the next 12-18 months,” he said.
“But product proliferation is not what I am about. I stand for good performance and high-quality client access.”
Mr Rosengarten said the “catalyst” for talks to find a home for the asset management part of Eden Financial came when the latter was approached by Collins Stewart Wealth Management’s parent company Canaccord Financial about a possible take-over deal, since confirmed.
“The catalyst was the emergence of interest in Eden’s broader business and so it made sense for me to raise conversations,” he said.
“We have been and would have continued being very happy at Eden and the way it was configured, in terms of being privately-owned, independent and investment led.
“They are the right ingredients to build an asset management business and City Financial are similarly minded.”
More on Multi-Asset Funds
- Standard Life launches discretionary service on Wrap
- Research reveals transformation of ‘cautious’ sector
- Romer-Lee’s Square Mile adds risk-rated funds expert