City Financial Investment Company Limited (City Financial), a firm authorised and regulated in the UK by the Financial Conduct Authority, has appointed Jason Baker and Geoffrey Rowley of FRP Advisory LLP as joint administrators.

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.

To be more specific, the firm 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 last week, these funds were transferred to Valu-Trac Investment Management Ltd yesterday, whereupon Valu-Trac delegated the investment management of these funds to Garraway and the funds were re-named. BNY Mellon remains the depositary for the funds.