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F&C confirms takeover talks

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F&C confirms takeover talks

F&C Asset Management has confirmed that BMO Financial Group is looking to acquire the firm.

BMO has offered 120p in cash per ordinary share, a significant premium to 93.5p they closed on 24 January.

Following the news, F&C's stock surged by 25% to stand at 116.3p at 3.30pm having been as high as 119p at some point in the session.  

F&C stated that it was in 'advanced discussions' with BMO, which is a division of the Bank of Montreal, and was 'likely to recommend a firm offer at the offer price'.

Edward Bramson (pictured) stood down as chairman of F&C last summer, having taken control of the group in 2011 and embarked on a major strategic overhaul, which saw a number of jobs axed in an aggressive cost-cutting programme.

F&C has suffered substantial outflows in recent months, with the group's assets under management declining by 2.4% to £90.1 billion in the three months to 30 September 2013 alone. The firm ran £100 billion in 2011.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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