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F&C stresses it is in charge

F&C Asset Management has been contacting clients to stress that it is leading the integration of Resolution Asset Management.

Speaking at a press briefing this morning, head of communications Jason Hollands said the integration of RAM could achieve cost savings of £26m but will involve redundancies.

He said F&C will ensure its investment teams and processes working on third party clients would not be affected by the integration.

As part of the Friends Prov/Resolution deal, Resolution will be the dominant shareholder, holding 51 per cent of the new firm Friends Financial Group. But F&C, 52 per cent owned by Friends Prov, says it is acquiring RAM creating a firm with £165bn assets under management.

F&C will remain separately listed and majority owned by the combined group.

Hollands said: “We reiterated to our clients this morning that the integration of the Resolution Asset Management business will be led by the F&C management team.

“We now need to go through due diligence, get a market valuation on the business, and we would need to agree terms with the parent company. Our board will need to approve that and our shareholders and it would require the support of our minority shareholders.”

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