Quoted brokerage and investment banking house Durlacher Limited has chosen City Financial Managers to administer two new OEICs it is launching early this year.
For Durlacher, starting a fund management arm yielding a reliable income stream is part of its recovery plan, after over-exposure to the technology sector at the height of the Dot Com boom saw its share price fall dramatically.
City Financial Managers, founded in the 1960s, operates over 100 unit trusts and OEICs with a range of fund managers. In all, it administers over 150 funds, including those of third party clients, with total assets of around 2 billion.
Durlacher has announced no target or investment style for either fund, but hopes they are the first of several to be launched by the firm under the CF Durclacher Plus brand in the first half of 2002.