Update: Bosses of struggling City Financial borrowed £4m from business - reports

Firm filed intention to appoint administrator

Anna Fedorova
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The firm's AUM had dropped to $1.2bn by the end of 2018 from $3.3bn 12 months earlier
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The firm's AUM had dropped to $1.2bn by the end of 2018 from $3.3bn 12 months earlier

The bosses of failing hedge fund firm City Financial borrowed nearly £4m from the company, according to reports that emerged following the news that the firm had filed a notice of intention to appoint an administrator.

According to The Times, the firm's CEO Robert Hain owed the business £965,150 in December 2017, while vice-chairman Andrew Williams had borrowed £2.8m. These figures are a combination of multiple loans and 4% interest that had build up over a number of years. City Financial declined to tell The Times what the purpose of the loans was and whether they were still outstanding. The latest news follows reports by Reuters last week of the firm's plans to appoint an administrator to review its options, after Hain said in a document filed on 22 February that City Financial "is or is likely to...

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