Fund manager City Financial has acquired the rights to become the authorised corporate director for 10 Investec Wealth and Investment funds.
The transaction, which is subject to regulatory approval, concerns a multi-asset range with some £204m in assets.
The range is currently run by a team headed by Laurence Boyle. These managers will not move across as part of the deal.
City Financial’s multi-asset team, led by Mark Harris, will now manage the IWI Cautious Portfolio, IWI Balanced Portfolio, IWI Growth Portfolio, IWI Global Thematic Portfolio, IWI Chameleon Capital and IWI Multi Strategy funds.
Meanwhile, City Financial’s fixed income team, led by Graham Glass, will manage the IWI Fixed Income fund.
Oriel Asset Management will remain as manager for the IWI Oriel UK fund, the IWI Oriel European fund and the IWI Oriel Global fund.
