Friends Life is to pull a further £15bn of assets from F&C Asset Management by the end of the year, as it awards several mandates to a new investment manager.
F&C said it will no longer run £12.2bn of equity and multi-asset mandates for Friends Life, which demerged from F&C in 2009. Friends Life said Schroders would manage these assets. Meanwhile, F&C's strategic partner will transfer a further £2.3bn of sterling fixed income assets to its own managers within Friends Life Investments. F&C expects the assets to be withdrawn by the end of the year. The group has previously said it expects all its strategic partner assets to be withdrawn eventually, as their contracts expire. In its last results, F&C warned it faces 'significant headwinds' ...
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