Graham Glass joins City Financial as Head of Fixed Income
City Financial announces its fourth fund manager hire in six months
City Financial Investment Company Limited, the London-based independent fund manager, has appointed Graham Glass as head of fixed income, with effect from 1 March 2013.
Graham has been the lead manager of City Financial’s £52m City Financial Strategic Global Bond Fund since its re-launch in January 2012 as part of a fund management arrangement with Argyll Investment Services. He will continue to manage the fund in his new role as part of City Financial’s in-house investment team, and lead the development of the firm’s fixed income capability and products.
The City Financial Strategic Global Bond Fund aims to deliver consistent returns while maintaining minimal volatility and acting as a beta reduction tool within a fixed income portfolio. There is a very narrow group of comparable peers due to the fund’s unique combination of consistent returns, low volatility and negative correlation to equity markets*. This compares very favourably with the risk-adjusted returns from the global bond and strategic bond fund IMA sectors as they exhibit a much higher level of volatility and equity market beta.
Graham has more than 20 years experience managing fixed income assets for major institutions including Assicurazioni Generali, where he led the fixed income team in Paris managing €30 billion, Norges Bank, (Central Bank of Norway’s asset management arm), and UBS, where he led the global index credit team looking after multi-national pension funds and central bank portfolios.
Ed Rosengarten, head of UK asset management, City Financial, says: “Graham has done a fantastic job managing the City Financial Strategic Global Bond Fund since it was re-launched last year. He has delivered a very attractive combination of consistent inflation-beating returns and a low level of volatility. This outcome, together with its negative correlation to equity markets, has seen the fund grow from £8.9m to £52.9m over this period.
“Graham brings his extensive fixed income experience and technical expertise to our team and his appointment is in line with our commitment to attracting the very best investment talent to the business.”
* Source Bloomberg FTSE 100 31/12/2012 to 25/02/2013 -0.383
For further information, please contact:
Roland Cross, Anouchka Burton
Telephone: 020 7726 6111
Telephone: +44 207 451 9600
About City Financial
City Financial is a growing London-based independent fund manager with experienced teams investing across a range of strategies for retail and institutional clients.
About the City Financial Strategic Global Bond Fund
The City Financial Strategic Global Bond Fund was re-launched on 1 January 2012 under a new mandate and manager, Graham Glass. The fund is designed to act as a core, low volatility holding within the fixed income allocation of a portfolio. This is achieved by avoiding 'binary bets' on market directions, both in government fixed income and also corporate bonds. The fund aims to return 5% to 7% under normal market conditions whilst maintaining a highly liquid portfolio of fixed income assets.