F&C Asset Management has warned it faces "signicant" short term headwinds following the loss of its strategic partnerships, as it urged shareholders to approve a £700m takeover deal.
The asset manager reported a net inflow in its consumer and institutional business of £1.3bn last year, compared to a £1.9bn net outflow in 2012. However, this was dwarfed by a £20bn strategic partner outflow, leading to an overall group net outflow of £19bn for 2013. Statutory profit after tax came in at £10.2m, against £2.6m the previous year, while group underlying profit was £69.2m, up from £51.9m. Net revenue was £241.2m, down from £243.5m in 2012, including a £10.8m reduction from strategic partners. F&C said it remains exposed to the future actions of its strategic partners...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
