Britannic Asset Management has successfully completed the transfer of the first tranche of Phoenix funds from F&C Asset Management, bringing its total assets under management to 30bn.
This follows the merger, originally announced in June 2005, of Britannic Group plc, BAMs parent company, with Resolution Ltd. The value of assets brought across so far is 13.2 billion, boosting BAMs total assets under management to 30 billion.
Britannic Asset Management Chief Executive Gavin Stewart says: The project is not yet complete – we have yet to take on the property assets managed by Phoenix as well as other portfolios, notably the unit linked funds. We would expect assets under management to reach over 35 billion within the next few months.