View more on these topics

F&C reports record year as it prepares for sale

F&C recorded gross new inflows of £703m into its Oeic range in 2007, a 37.3 per cent increase on 2006, in what was a record year for its open-ended investment funds.

It says in Q4, when the industry as a whole posted net redemptions, gross inflows reached £180m and net inflows were £94m, despite market turmoil.

F&C head of retail Nick Criticos says net sales, which take account of redemptions, were also exceptionally strong.

He says: “These rose by more than 27 per cent against a backdrop when industry net sales of UK domiciled retail funds actually declined by around a third over the previous year.

“Pleasingly we have not been reliant on any one product but have seen strong growth across our multi-manager range, our market leading ethical funds, our corporate bond range, the F&C UK growth and income fund and our high performing Asian products.”

The board of F&C Asset Management released a statement following news of parent company Friends Provident’s plans to sell off the company.

F&C says it “looks forward to working closely with Friends Provident in maximising value for all shareholders through the reorganisation of its ownership in the Company.”

F&C adds that as a result of the statements by Friends and further to discussions with the takeover panel the company is now deemed to be in an offer period.

It says that F&C has appointed Lazard and Lexicon Partners as joint financial
advisers and the board has not yet been approached by any potential buyers.

Wilson Dean Financial Services director Nick Lincoln says: “It has been touted for the past few weeks but in my eyes there is not that big a worry as F&C is a huge brand in its own right and any the idea that good managers would go in a merger is unlikely.”

Recommended

PosSol Forum: New Mortgage Club launched

Positive Solutions is launching a new in-house mortgage advice and sales service intended to offer its advisers exclusive deals from mortgage providers. The Mortgage Club will allow its partners access improved fees and higher service standards from 25 different lenders, including Abbey for Intermediaries, RBS and Bristol & West.Positive Solutions mortgage manager Paul Rignall says […]

Dog days for fund firms

Schroders tops the shame list in this year’s Bestinvest Spot the Dog research, with £1.173bn of assets in the doghouse.Scottish Widows comes second with £778m, followed by Fidelity and Invesco Perpetual with £733m and £726m respectively.The report shows that 70 out of 698 funds have qualified for the name and shame list by failing to […]

Pada is urged to publish its calculations

Aegon is calling on the Personal Accounts Delivery Authority to publish the assumptions it is using to calculate charges.The firm says it is of strong public interest for Pada to publish models showing costs depending on how many people join, how much they invest and how long they invest for.It wants to know how Pada […]

Judgement week

Now is perhaps not the best time for investment firms to judge the performance of fund managers given the recent market volatility.

Investment Forum

Position Portfolios for a Changing China, Accelerating Disruption and More Political Discourse Is China an asset class? Why Investors’ Understanding of China is Changing How is disruption changing the way we invest? Established Ways of Doing Business Are Being Challenged What to Watch: Why politics matters more than ever in 2017 Key takeaways: Despite volatile […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment