City Financial merges away Octopus micro-cap fund version to increase core focus

Follows sale of Adviser Centre

City Financial Investment Company (CFIC) has announced its £18.1m CFIC Octopus UK Micro Cap Growth fund will be merged into an equivalent fund managed by Fund Partners, as the group focuses on its core business strategy.

From 25 November, CFIC said it will pass its duties as authorised corporate director (ACD) of the fund to Fund Partners (FP), where its assets will be merged into the company's FP Octopus UK Micro Cap Growth fund, a sub-fund of FP Octopus Investment Funds, also run by Octopus Investments. CFIC said investors in the fund, managed by Octopus Investments' Richard Power as a sub-fund of City Financial Investment Fund Series IV, will not be affected by the change, as Octopus will remain the fund's investment manager. In a letter to investors, CFIC said it has chosen to step down as ACD of ...