City Financial acquires OPM Fund Management
City Financial has acquired OPM Fund Management for an undisclosed amount, taking over its £75.2m fund range in the process.
OPM’s Tony Yousefian will join City Financial as part of the deal, joining Mark Harris as part of City Financial’s multi-asset team.
Harris will take over management of the EFA OPM Worldwide Opportunities and EFA OPM Diversified Target Return funds, while UK equity manager Leigh Himsworth will assume control of the EFA OPM UK Equity and UK Equity High Income funds.
Yousefian will continue to manage the EFA OPM Fixed Interest fund and become lead manager on the EFA OPM Property fund .
The deal is the latest in a series of expansionary moves from City Financial; the group brought its multi-asset range in-house in January and snapped up Eden Financial’s asset management business in October.
“The board of OPM has been evaluating its business model and considering what is in the best interest of its clients, following the introduction of the Retail Distribution Review,” said City Financial head of UK asset management Ed Rosengarten (pictured).
“The appointment of City Financial gives OPM clients access to a proven team of investment professionals with impressive track records, committed to delivering a compelling, expertly managed outcome to investors.”
This article was first published on Investment Week.