City Financial to acquire Investec Wealth's multi-asset range

City Financial is to acquire the multi-asset range of Investec Wealth & Investment, bringing a further £204m in assets to the company.

City Financial will acquire 10 funds with total assets of £204m, which will be managed by City Financial's multi-asset team. The funds became part of Investec Wealth & Investment when it acquired Williams de Broë in 2012 and were renamed from WDB to IWI funds in June 2014. The fund range was previously run by a multi-asset team headed up by Laurence Boyle, who will not be joining City Financial as part of the transaction. The IWI Cautious Portfolio, Balanced Portfolio, Growth Portfolio, Global Thematic Portfolio, Chameleon Capital and Multi-Strategy funds will transition to Mark Ha...