London-based investment manager City Financial Investment Company has tapped Philip Kay to head its expanding Asian operations.
Kay joined City Financial in 2012 when it bought PCE Investors where he'd served as portfolio manager of two offshore non-retail Japanese equity funds—the $400 million Akamatsu Fund and the $67 million Akamatsu Bonsai Fund. Kay will continue to manage these funds.
Kay has over 17 years’ experience running large global equity platforms in the Asian markets, having previously worked at Credit Suisse First Boston as head of the Japanese global cash equity division and before that was head of Asia at Schroder Securities and Smith New Court.
Kay will be busy, to judge by City Financial's growing interest in the region: In December, the firm launched a Japanese equity UCITS fund, the City Financial Japanese Opportunities Fund, to be managed by Peter Nicholas, who has over 25 years’ experience managing Japanese equity funds, including eight years working in Tokyo.
The firm also recently hired Geoffrey Barker and his team to manage City Financial’s new Asian macro fund, to be launched in Q1 2014. This will be a joint venture with City Financial Investment Company (Hong Kong).
Andrew Williams, City Financial's CEO, said in a statement: “With Philip’s extensive knowledge of the Asian markets, we felt this was a natural progression of his role at City Financial as we continue to expand our Asia proposition. The launch of the Japanese Opportunities fund in addition to the Asian macro fund reinforces our commitment to the region and to providing the best investment opportunities for our clients.”
City Financial took over investment management responsibilities for the funds and related managed accounts of Cumulus Asset Management, PBG Capital and Wiltshire Capital in 2012 in a deal that also saw the transfer of PCE’s operational infrastructure and employees to City Financial’s investment management business.
City now also runs two climate change funds—the Cumulus Fahrenheit Fund and the Cumulus Energy Fund—formerly run on the PCE Investors platform.