City Financial is planning to merge away three Investec Wealth & Investment (IWI) funds after it completes a deal to acquire a range of multi-asset portfolios from the wealth manager.
IWI’s Cautious Portfolio, Balanced Portfolio and Global Thematic Portfolio funds are set to be merged into City Financial vehicles, pending regulatory and shareholder approval, Investment Adviser understands.
The Cautious and Balanced funds would merge into the City Financial Multi Asset Balanced vehicle, while the Global Thematic fund would merge into the City Financial Multi Asset Dynamic fund.
This summer the firm announced it had acquired the rights to become the authorised corporate director for 10 IWI funds with £204m in assets.
At the time of the announcement, City Financial chief executive Andrew Williams said the deal enabled the firm “to provide investors in those funds with a long-term investment solution and grow both our multi-asset and fixed income propositions”.
The fund house said in August its multi-asset team, led by Mark Harris, would manage six of the funds, including the Cautious, Balanced and Global Thematic Portfolio vehicles, while Oriel Asset Management would remain as investment manager for three other funds.
The IWI Fixed Income fund was set to be managed by Graham Glass, who left the firm this month to pursue opportunities outside the asset management industry. Phil Lee has taken over his responsibilities.
City Financial declined to comment.
