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F&C faces further £6.2 billion outflow to Friends Life in 2013
by Rachael Revesz on Jan 30, 2013 at 10:37
F&C was hit with £2.4 billion worth of outflows of fixed income assets from Friends Life last quarter.
Despite anticipating further withdrawals from Friends Life, F&C said the impact would be moderated as assets are not expected to be withdrawn until mid-year. After this year’s outflows, F&C said it expected to manage a remaining £2.4 billion of fixed income assets for Friends Life.
Friends Life created an in-house investment arm in July last year, and is undergoing a restructure of its business.
As a whole, the F&C Group saw its assets decrease last quarter from £96.8 billion to £95.2 billion.
However, the retail and investment trust arms saw positive inflows of £19 million and £11 million respectively.
Performance in the consumer and institutional business also saw positive assets under management growth of £1 billion last quarter, partially due to the euro strengthening against sterling.
Chief executive Richard Wilson said: ‘Performance in the quarter was good in most asset categories and revenue yields on inflows continue to exceed those on outflows. We look forward to continuing progress in executing our third-party institutional and consumer growth strategies.’
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by William Robins on Apr 17, 2014 at 12:21