Update: Embattled City Financial goes into administration - reports

After suspending equity fund earlier this month

Struggling City Financial has gone into administration after a bad bet on volatile markets forced it to suspend trading in its Absolute Equity fund earlier this month.

According to The Times, the $1.2bn firm appointed FRP Advisory as administrator late last week and its funds, as well as its subsidiaries in Hong Kong and Singapore, are now being sold off. The London-based firm was bought by former Invesco colleagues Andy Williams and Rob Hain in 2006; in 2017, it lost £16.6m after spending £9m on funds, IT systems and "human resources costs".  Last year, the firm closed its Decca fund, which made up around a third of its total $3.3bn (£2.5bn) in assets, after the fund fell 21% following a bad investment call. As a result, its AUM plummeted to $1.2bn...