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F&C outsourcing to save £12m a year

F&C Asset Management plans to appoint a new outsourcing provider in a bid to cut the annual costs of its business by £12m.

The company says the move will affect around 110 staff, which represents about 70 per cent of its existing operations staff, many of which are expected to transfer over to the appointed provider.

The firm will reorganise its remaining business processes around the outsourced model.

F&C says the restructuring programme will create an operational cost base that varies with assets under management and transaction levels.

It expects the programme will reduce costs by at least £9m, with savings starting in the second quarter of this year. A further £3m will be made through downsizing its premises’ requirement due to the smaller number of staff.

Chief executive Alain Grisay says: “We can announce this major step in ensuring we have a more flexible cost base which can adjust better to accommodate changes in our business mix. These developments will ensure we have the right operational platform to respond effectively to the evolving needs of our clients.”

F&C recently called on shareholders to vote against a bid by Sherborne Investors’ to remove chairman Nick MacAndrew and Brian Lacombe from F&C’s board.
Sherborne, which has a 17.5 per cent stake in F&C, has requisitioned a general meeting to propose the changes on February 3.

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