OPM has a total £75.2m under management across its fund range.
Mark Harris, who was appointed as manager of City Financial’s multi-asset funds in December, will manage the EPM OPM Worldwide Opportunities Fund and the EFA OPM Diversified Target Return Fund. Tony Yousefian, CIO at OPM, previously managed both of these funds with assistance from Ross Henderson on the latter.
Leigh Himsworth will be responsible for the EFA OPM UK Equity Fund and the EFA OPM Equity High Income Fund, previously run by Henderson and Yousefian respectively.
Yousefian will join the multi-asset team at City Financial, will continue managing the EFA OPM Fixed Interest Fund and become lead manager of the EFA OPM Property Fund, previously managed by Henderson. The multi-asset team will also manage the range of model portfolios created for the Parmenion platform.
The move follows City Financial’s acquisition of Eden Asset Management in October. In the same month the firm also completed the transfer of investment management responsibilities for the funds and managed accounts of Cumulus Asset Management, PBG Capital and Wiltshire Capital.
It also announced the transfer of PCE’s operational infrastructure and employees to its investment management business. PCE Investors owned two weather-related funds, with one allowing investment in weather risk management instruments and the other using them to optimise an energy portfolio.
Richard Carswell, OPM’s business development manager, will also transfer to City Financial, ensuring continuity of management. Ross Henderson and Matt Keay will transfer to Smith & Pinching, with redefined roles.
Tony Yousefian said: “Following the introduction of the Retail Distribution Review, the board of OPM Fund Management has been evaluating its business model and considering what is in the best interests of our clients. As a consequence of this thorough review, the board has decided to appoint a third-party fund manager.”
