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F&C merger to boost Friends asset management income

The merger of Isis Asset Management and F&C, formally Foreign & Colonial, will increase Isis parent Friends Provident&#39s profit from asset management to 24 per cent from 10 per cent.

Friends Provident group chief executive Keith Satchell says: “We have consistently pursued our strategy of building the importance of asset management within the Friends Provident group. This merger achieves that goal and delivers a significant diversification of our earnings into a business which generates cash with a platform for pan-European growth.”

Isis chief executive and proposed chief executive of the enlarged group Howard Carter says: “This is a unique opportunity for us to achieve our stated objective of becoming a top five UK asset manager.”

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