City Financial acquires Eden Financial AM

City Financial has bought the asset management arm of Eden Financial in a move to bolster its UK equity, fixed income and multi-asset presence.

The announcement comes one week after parent Eden Financial announced it had entered an agreement to be acquired by Collins Stewart Wealth Management, the UK wealth management subsidiary of Canaccord Financial. However, Eden Financial Asset Management was excluded from the deal.

Top-performing managers Leigh Himsworth and Mark Harris have moved across to City Financial following the acquisition. Ed Rosengarten, head of asset management at Eden Financial, has become head of City Financial’s UK asset management business.

The acquisition also includes Eden’s credit fund manager Thomas Leah, and Kevin Mordrick, head of discretionary sales at the group. City Financial was set up to acquire smaller fund businesses and to develop innovative funds for individual investors.

The group is headed up by chairman Rob Hain, formerly CEO at Invesco Perpetual. Its chief executive is Andrew Williams, formerly head of distribution at Invesco Perpetual.

It has a four strong multi-manager range, led by North Investment Partners’ John Husselbee, and also runs equity and strategic fixed income mandates.

In July, City Financial took over the management of Octopus Investments’ Absolute UK Equity fund, in a move which has brought David Crawford over to the group.

Rosengarten (pictured) described the acquisition by City Financial as a “perfect fit” for Eden, as the two companies have similar cultures.

 “The acquisition will allow City Financial to expand its UK, multi-asset and credit capabilities, in a deal which brings two similar cultures together. It will be business as usual for Eden.

“None of the funds will change their investment objectives, and we will continue to look to attract highly-regarded and proven fund managers with relevant expertise to grow our business further.”

 

This article was first published on Investment Week

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