City Financial targets multi-manager acquisitions

Boutique asset manager City Financial is targeting two multi-manager firms as it looks to expand its business through further acquisitions.

Speaking exclusively to Investment Week, CEO Andrew Williams (pictured) said he has placed a bid for one firm, and also intends to complete a second deal by the end of this year. Consolidation in the industry following the Retail Distribution Review (RDR) has presented opportunities for M&A-driven businesses, he said. “Post-RDR, people are reviewing their propositions so there are opportunities, especially if some funds are sub-scale or do not fit clients’ requirements,” Williams said. “Both targets are a decent size, and both cases are parts of the business that no longer fit the ...