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.
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."
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