How to make your money go further

City Financial: a terrible fund management advertisement

07/03/2019

Skyline of the City of London
Fund manager City Financial’s intention to appoint administrators has highlighted a heavily indebted and loss-making investment manager which seemingly had no right managing other people’s money. As our blog here reveals, its flagship investment fund looks more akin to gambling than sensible, well-researched investing.

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…

Sign up and read the full article

Register to continue reading this article.

Get FREE access now

Already a member? Login

Have your say

Log in or register to view or add comments.

Get free access now

Register free to gain access to more research

Register

Investor's Champion Premium Content

Subscribers to our Premium Content receive priority notification by email of newly published research. Premium Content costs as little as £3.20 per research note.

More on Premium Content

More from the Blog

Strix Group - share based payments dwarf other costs

21/03/2019 · Strix Group PLC

Remember when the ASOS warehouse burnt down?

19/03/2019 · ASOS · Ocado

Judges Scientific: when a buy and build strategy works

19/03/2019 · Judges Scientific