The last filed financial statements for investment manager City Financial Investment Company for the year ending 31 December 2017, available from Companies House, show the management business made a loss of £9.4m on revenue of £21.4m, bringing accumulated losses to that date to a staggering £33.3m. However, the terrible performance in the year didn’t stop directors being richly rewarded for their mediocre efforts, with the highest paid director receiving £944,000.
As reported in the Times and confirmed by our review of the financial statements, founder and chief executive Robert Hain also owed the company £965,000 and fellow Director Andrew Williams owed the company £2.8m at the Dec 2017 year end. Both loans are repayable on demand and carry interest at 4% per annum; we wonder what the position is like currently!
Yesterday’s news that the firm had suspended dealing on its Absolute Equity fund after a wave of redemptions, drew us to take a closer look at the investment fund in…
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