The recently suspended City Financial Absolute Equity fund was by the far the worst-performing fund in the first quarter of this year, FE data shows, alongside a number of other absolute return mandates.
City Financial announced the temporary suspension of its fund - for which it is authorised corporate director - on 6 March, saying it was "in the best interests of investors". The move followed embattled City Financial's decision to call in the administrators on 22 February, which prompted mass redemptions. Although City Financial's troubles have no bearing on the fund, by 4 March redemptions had reached a level with the potential to cause significant loss of value to investors. As at 28 February assets under management stood at £146.28m, according to FE. Subsequently, City Fi...
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