City deal for edens asset management arm

City Financial has acquired Eden Financial's asset management arm, with star managers Leigh Himsworth and Mark Harris recruited to boost its in-house funds business.

City deal for edens asset management arm


The deal, orchestrated by Eden’s head of asset management Ed Rosengarten, follows last week’s announcement that parent Eden Financial is to be acquired by Canaccord Financial, which owns Collins Stewart Wealth Management.

Himsworth will continue to manage the £25m CF Eden UK Select Opportunities Fund, which is transferring to City Financial. Harris has been tasked with developing the firm’s in-house multi-asset capability; discussions on his £64m CF Eden Global Multi-Strategy Fund will continue as part of the transitional process.

Rosengarten will take up a new role as head of UK Asset Management at City Financial, while team also includes credit fund manager, Thomas Leah, and head of discretionary sales Kevin Mordrick. They join investment manager, David Crawford, who was appointed in August.

Rosengarten said: “This is an ideal outcome for all involved. Because we are moving to City Financial as a team, the transition is seamless, enabling us to assure clients and advisers that it’s ‘business as usual’. We are primed and ready to start work immediately on further building City Financial’s asset management capability and client proposition.”

City Financial’s CEO Andrew Williams added: “Our discussions with Eden Financial started only recently, but it swiftly became apparent to both sides that this was a timely opportunity that worked well for all parties. It extends our capabilities, adding significantly to what we are able to offer our clients, and puts us in a strong position to increase the pace of our acquisitions in the coming months.”

A profile of Mark Harris features in the forthcoming October issue of Portfolio Adviser, out this week.


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