On 21 March 2019, City Financial Investment Company Limited (City Financial), a firm authorised and regulated by the FCA, appointed Jason Baker and Geoffrey Rowley of FRP Advisory LLP (FRP) as joint administrators. We explain what this means if you have invested in any of the funds managed by the firm.
City Financial previously managed a number of funds. The funds are separate legal entities to City Financial and are not part of the administration. The funds have been transferred to a new fund manager or are in the process of being wound down.
For more information about the administration:
Visit: www.cityfinancial.co.uk[1]
Call: 020 3005 4000
Email: [email protected]
If you are invested in a UK domiciled UCITS fund
City Financial previously managed a range of UK domiciled Undertakings for Collective Investments in Transferable Securities (UCITS) funds. As part of a deal agreed with Garraway Capital Management LLP on 21 March 2019, these UCITS funds were transferred to Valu-Trac Investment Management Ltd on 25 March 2019.
On 25 March 2019, Valu-Trac delegated investment management of these funds to Garraway and the funds were re-named. BNY Mellon remains the depositary for the funds.
|
Former name of fund |
New name of fund |
|
City Financial Absolute Equity Fund* |
VT Garraway Absolute Equity Fund |
|
City Financial Diversified Fixed Interest Fund |
VT Garraway Diversified Fixed Interest Fund |
|
City Financial Multi Asset Balanced Fund |
VT Garraway Multi Asset Balanced Fund |
|
City Financial Multi Asset Diversified Fund |
VT Garraway Multi Asset Diversified Fund |
|
City Financial Multi Asset Dynamic Fund |
VT Garraway Multi Asset Dynamic Fund |
|
City Financial Multi Asset Growth Fund |
VT Garraway Multi Asset Growth Fund |
*Temporary suspension of the City Financial Absolute Equity Fund
The Absolute Equity Fund was suspended from subscriptions and redemptions on 6 March 2019. Although this remains the case (at the date of this publication), the underlying investments in the fund continue to be actively managed on a day to day basis. The responsibility for ending the suspension of the Absolute Equity Fund rests with Valu-Trac, in conjunction with the approval of the depositary for the fund.
If you are a direct investor in the above funds
City Financial will write to direct investors in each of the funds named above in due course. If you are invested in the funds via an intermediary (eg a platform), City Financial and Valu-Trac will make a notification to the intermediary.
For more information about the UK domiciled UCITS funds:
Visit: www.garrawaycm.com[2] or www.valu-trac.com[3]
Call: Garraway: 020 3771 3300 or Valu-Trac: 01343 880344
Email: [email protected] or [email protected]
If you are invested in an Irish domiciled UCITS fund
City Financial was also previously the investment manager for a number of Irish domiciled self-managed UCITS funds. As part of the same deal with Garraway, Garraway replaced City Financial as investment manager to these UCITS funds on 25 March 2019. Northern Trust Fiduciary Services (Ireland) Ltd remains the depositary for the funds.
|
Former name of fund |
New name of fund |
|
City Financial Absolute Equity Feeder Fund |
Garraway Absolute Equity Feeder Fund |
|
City Financial Adventurous Portfolio |
Garraway Adventurous Portfolio |
|
City Financial Wealth Fund |
Garraway Wealth Fund |
For more information about the Irish domiciled UCITS funds:
Visit: www.garrawaycm.com[2]
Call: 020 3771 3300
Email: [email protected]
If you are invested in an Alternative Investment Fund
City Financial previously managed a number of Alternative Investment Funds for professional and institutional clients, which were not marketed to retail investors. These funds have been transferred to other fund managers or are being wound down.
For more information about these funds:
Visit: www.cityfinancial.co.uk[1]
Call: 020 3005 4000
Email: [email protected]
Financial Services Compensation Scheme (FSCS)
Investors in funds formerly managed by City Financial do not need to contact the FSCS. This is because the funds do not form part of the administration and have transferred to new fund managers (as explained above).
Being alert to scams
All customers should remain alert to the possibility of fraud.
City Financial will write to direct investors in UK domiciled UCITS funds in due course. Otherwise, if a UCITS investor is cold called by someone claiming to be from City Financial, Garraway, Valu-Trac or any other company connected to the UCITS funds, end the call and call the company back using the relevant numbers provided on this page.
It is unlikely that FRP will contact investors in the funds that were managed by City Financial. This is because the funds are separate legal entities to City Financial and are not part of the administration. Therefore, if you are cold called by someone claiming to be from FRP or any other company involved in City Financial’s administration, end the call and call the company back using the number provided on this page.