An investment management firm has appointed a new managing partner and hired a new chairman.

Investment firm City Financial which has assets of $1.2bn has slumped into administration.

PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to postpone implementation of revised FOS compensation limits.

Quilter Cheviot has appointed six new investment managers, increasing its investment management team to 162 across the firm’s 12 offices.