UK-based F&C Asset Management has reported an underlying operating profit of £89 million for the year 2013, a rise of 25% from £71.1 million a year ago.
For the year ended 31 Decemeber 2013, net revenue declined to £241.2 million from £243.5 million in 2012.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The company is currently in the process of being sold to the Bank of Montreal for £708 million saw its assets under management (AUM) declined to £82.1 billion from £95.2 billion a year ago.
The group also revealed that its operating margin rose to 36.9% from 29.2% a year earlier.
Richard Wilson, chief executive of the company, said: ”While 2013 has been a year of progress, we also acknowledge the financial headwinds that still face our business. The withdrawal of assets from Strategic Partners will continue to impact upon revenues, while the development of our Consumer and Institutional business will take time and investment.
"However, we will continue to put our customers at the centre of everything we do, delivering strong investment performance, client service and innovative solutions. Ultimately it is this that will support the company’s ambitious growth plans.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
