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F&C assets fall but inflows gather pace
by David Campbell on Nov 01, 2013 at 08:35
Assets under management at F&C fell 2.4% over the third quarter as the company soaked up a £1.5 billion hit from the appreciation of the sterling versus the euro and ‘strategic partner’ redemptions.
At 8.30 shares in the business were up 0.49% at 101.39p.
The loss of £2.2 billion or 4% of assets from partners, of which £1 billion was attributable to Irish life business Friends First, dragged down positive asset flows elsewhere within the group.
Both consumer and institutional businesses contributed to net inflows of £52 million, taking the net inflow over the first nine months of the year to £484 million versus outflows of £647 million in 2012.
‘We continue to see encouraging progress across several core parts of the business,’ said chief executive Richard Wilson.
‘An improved pipeline of won but unfunded business in Institutional of £1.8 billion and strong net inflows into Retail of £162 million for the quarter were particular highlights.’
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