F&C Asset Management has reported a 4.9% decline in its assets under management (AuM), totaling at £95.2bn ($142bn), for the full year that ended on 31 December 2012.
The decline in AuM – down from £100.1bn in the same year-ago period – is being attributed to clients pulling money from its funds.
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F&C’s net revenues for the year also fell by 8.8%, from £267m in FY11 to £243.5m in FY12.
However, F&C reported an underlying profit before tax of £52.4m, compared with 2011’s figure of £47m. Despite lower revenues, the profit comes from the benefit of income tax gain.
Richard Wilson, who became F&C Asset Management chief executive on January 1 2013, however, described the results as "robust and much improved".
"The company has made significant progress towards its strategic goals in 2012. With the restructuring now substantially completed, good investment performance and a newly strengthened management team in place, F&C is now in a position to invest for growth in new markets and capabilities."
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