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F&C becomes independent

F&C Asset Management will become independent today with the demerger of Friend’s Provident’s stake in the firm.

Under the terms of the demerger, shareholders will receive 1 F&C share for every 10 Friends Provident group shares held at 6.00 pm on July 2.

Shareholders who would receive 250 F&C shares or fewer pursuant to the demerger will have these sold on their behalf and will receive the proceeds of sale.

Upon its completion Friends Provident’s Alain Grisay will resign from the board of directors and will remain a director of F&C in the role of chief executive.

Sir Adrian Montague and Trevor Matthews will resign from the board and will remain chairman and chief executive officer of Friends Provident Group, respectively.

Gerhard Roggemann is an independent director of Friends Provident Group and a non-executive director of F&C and will remain a director of both companies.

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