UK based wealth manager and mortgage brokers City Financial has acquired OPM Fund Management, for an undisclosed sum, in a bid to further strengthen its footprint in the country’s wealth management market.
Under the terms of the transaction, the acquirer will take over OPM’s £75.2m fund range, effective from 1 April.
City Financial UK Asset Management head Ed Rosengarten said, "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.
"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."
The acquisition is part of an agreement under which City Financial has been appointed as manager of the OPM fund range.
Mark Harris, who manages City Financial’s multi-asset team, will oversee the EFA OPM worldwide opportunities fund and the EFA OPM diversified target return fund.
Based on the terms of the deal, Richard Carswell, OPM business development manager and Tony Yousefian fund manager and chief investment officer will join City Financial.
Tony will remain managing the EFA OPM Fixed Interest Fund and become lead manager of the EFA OPM Property Fund.
Further, the team will also oversee the successful range of OPM model portfolios created for the Parmenion platform.
In September 2012, City Financial acquired Eden Financial’s asset management arm.