Management assets at F&C Asset Management Plc have fallen by 2.4% over the third quarter, a loss of more than £2 billion, writes Patrick Brusnahan.
The majority of this loss can be attributed to the appreciation of the sterling versus the euro which led the company to lose £1.5 billion. That coupled with recent strategic partner withdrawals have led to a total loss of £2.2 billion, £1 billion of which is related to the pulling out of strategic partner Friends First, an Irish life business.
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Both of these costs offset their positive fund flows from their consumer and institutional arms. In addition, their Portuguese strategic partner, Millennium BCP, is to handle its property assets in-house during the next quarter, which would lead to a £260 million loss in the near future.
Chief executive,Richard Wilson, stated: "We continue to see encouraging progress across several core parts of the business."
