According to the times “a huge bet on volatile markets turned sour” for the firm.

A statement released by the FCA this morning confirmed that the company had gone to the wall and that administrators had been appointed.

Part of the statement read: “City Financial previously managed a number of funds. The funds are separate legal entities to City Financial and are not part of the administration. The funds have been transferred to a new fund manager or are in the process of being wound down.”

A message on City Financial’s website read: “City Financial Investment Company Limited (“City Financial”) went into Administration on 21 March 2019.

“The notice of appointment was given in accordance with the requirements of Rule 3.24 of the Insolvency (England and Wales) Rules 2016 and Paragraph 29 of Schedule B1 to the Insolvency Act 1986.

“The Directors of City Financial have appointed Jason Baker and Geoffrey Rowley of FRP Advisory LLP as joint administrators of City Financial.”

The FCA listed a number of funds which are separate legal entities to City Financial and are not part of the administration and have been transferred to a new fund manager.

As part of a deal agreed with Garraway Capital Management LLP on 21 March 2019, these UCITS funds were transferred to Valu-Trac Investment Management Ltd on 25 March

Yesterday, Valu-Trac delegated investment management of these funds to Garraway and the funds were re-named.

BNY Mellon remains the depositary for the funds.

The FCA statement added: “City Financial will write to direct investors in each of the funds named above in due course. If you are invested in the funds via an intermediary (eg a platform), City Financial and Valu-Trac will make a notification to the intermediary.”