For the time being the fund will be run by Phil Lee, who has worked alongside Glass since November 2013. Glass had run the fund since March 2013, having previously run it on an outsourced basis while at Argyll Investment Services.
The fund has underperformed the wider global bonds sector over three years, falling 2.6%, compared to a rise of 0.4% for the average fund in the sector. Assets are now just £16.5m.
Glass had also been running the Investec Wealth & Investment Fixed Income fund following the acquisition of Investec Wealth’s multi-asset range in August of this year.
The group said: “The lead fund manager on the Defensive Global Bond fund, Graham Glass, has left City Financial in order to pursue other opportunities outside of the fund management industry.
“Following Graham’s departure, City Financial has now begun reviewing the future viability of the Defensive Global Bond Fund. Phil Lee, who has supported Graham in the management of the Fund since November 2013, has taken over the fund management responsibilities while City Financial carries out this review.”
Since leaving City Financial, Glass has become managing director of GLI Asset Management Limited, part of GLI Finance, which specialises in enterprise loans and alternative financing.
