View more on these topics

F&C reports growth despite litigation payouts

F&C has reported strong revenue growth, despite litigation payouts and concerns over the macroeconomic outlook.

The group’s interim results show revenues increased 28 per cent to £137m for the first half of 2011 and also include a £10.3m payout to fund of hedge fund managers, François Barthelemy and Anthony Culligan.

F&C Alternative Investment (Holdings) lost its case against the founders of F&C Partners in July when it attempted to stop the pair from exercising options to sell a stake in an F&C business for almost £8m.

After suffering £0.3 billion in outflows last year, the group has recorded inflows of £0.8 billion for the first half of 2011. Onshore and offshore open ended funds brought in £0.6m.

Looking ahead, the group has expressed concerns over the financial stability of Europe and the US.

“Considerable uncertainties persist from the weak macroeconomic environment and concerns about sovereign debt in both Europe and the US” F&C said in a statement today.

“Across much of the developed world, growth has at best been anaemic while the emerging markets have been dogged by inflation, fuelled by spiralling food and commodity prices. This fragile economic backdrop has been reflected in volatile but lightly traded markets during the first half of 2011.”

Despite these concerns regarding Europe, the strengthening of the Euro versus Sterling has contributed to the group’s assets under management growing to £108.0 billion from £105.8 billion at the end of 2010.

Recommended

FSA sets no new deadline for rebates ban implementation

The FSA says it has set no new deadline to implement its proposed ban on cash rebates and payments between providers and platforms. As part of its platform policy statement, published today, the FSA says it believes it is “desirable” to ban cash rebates from product providers to investors and product provider payments to platforms […]

Aviva UK profits up 3 per cent

Aviva’s operating profits for the first six months of 2011 rose 3 per cent from £691m in the first half of 2010 to £709m this year as the insurer gears up for automatic enrolment and the RDR. The provider’s interim results show operating profits in the firm’s life and pensions business dropped from £463m last […]

Alliance of Mortgage Packagers and Distributors shuts down

The Alliance of Mortgage Packagers and Distributors has decided to stop its operations due to the slump in the mortgage market. AMPD was established in 2006 as a collective group of specialist packagers and distributors. It claims to have completed more than £8bn in mortgage completions since its inception. Director Liza Campion says: “This is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com