City Financial bond fund manager quits

Graham Glass

City Financial Defensive Global Bond fund manager Graham Glass has quit the firm, leading to a review of the viability of the fund.

Glass, who joined City Financial in 2013, has left the firm to “pursue other opportunities outside of the fund management industry”, the company said.

City Financial has yet to appoint a replacement manager on the Defensive Global Bond fund, with Phil Lee taking over the fund in the interim.

The asset manager says it is “reviewing the future viability” of the fund, after assets in the fund have plummeted to £16.5m recently.

Glass previously managed the City Financial Strategic Global Bond Fund when it was outsourced to Argyll Investment Services, then moving in-house in 2013 and taking up the head of fixed income role at City Financial. The fund was then renamed the Defensive Global Bond Fund on in September 2013.

The fund has returned 2.87 per cent on a cumulative basis over the past three years.