Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

F&C sees £19 billion outflows but profits surge by 33%

by James Phillipps on Mar 13, 2014 at 08:22

F&C sees £19 billion outflows but profits surge by 33% F&C Asset Management saw further outflows of £19 billion in 2013, but pre-tax profits rose by 33%.

The company saw £20.3 billion of ‘strategic partner’ assets withdrawn as contracts with third parties, including Achmea, Millenium BCP and Friends Life, expired and the funds withdrawn, resulting in a £35.3 million revenue hit.

On a brighter note, F&C saw net inflows of £1.3 billion in its consumer and institutional channel, up from a £1.9 billion outflow in 2012. Total assets under management fell from £95.2 billion to £82.1 billion.

Pre-tax profits rose from £51.9 million to £69.2 million year-on-year which helped push net debt down from £97.3 million to £76 million.

It has been an eventful year for F&C with the firm backing a takeover approach by BMO Global Asset Management in January.

Chairman Kieran Poynter (pictured) said: ‘The board recognises the progress that has been made in 2013 towards its strategic goals, but also the challenges that it faces in the future. The proposed transaction with BMO provides shareholders with an attractive premium against the medium-term standalone prospects and valuation of your company and the board has unanimously recommended that shareholders vote in favour of the acquisition.’


leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment

With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • F&C Asset Management PLC (FCAM.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet