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F&C launches strategic review as assets jump

F&C has reported an 8 per cent jump in assets under management and launched a strategic review in order to “maximise the value to shareholders”.

The firm, which acquired Thames River last year, saw assets under management jump from £97.8bn to £105.2bn. F&C also saw its net revenues jump from £225.1m to £243.2m.

F&C has seen gross new business of £6.1bn in 2010, up from £3.5bn in 2009, and a return to net inflows. Group operating profit stood at £69.2m in 2010, up from £59.9m.

F&C chief executive Alain Grisay says: “Major building blocks for a recovery in profitability have been put in place. To ensure we maximise the delivery of value to shareholders the Board will review F&C’s strategy over the coming months.  In the meantime our operational focus will be to continue to deliver strong investment performance, gather momentum in distribution and complete our previously announced operational outsourcing project.”

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