Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

F&C warns of revenue hit as assets plunge

F&C warns of revenue hit as assets plunge

F&C has warned its investors that the decline in its assets under management (AUM) is likely to impact revenues.

In a letter to shareholders setting out the timetable for the BMO acquisition, F&C stated that ‘as a result of lower average AUM in the second half of 2013, revenues are expected to be lower than the first half of the year’.

For the first half of 2013, F&C generated revenues of £126 million on AUM of £92.3 billion.

But in January F&C revealed that its AUM had fallen by £8 billion during the final three months of 2013, following £10.4 billion of outflows from strategic partners. The group's AUM now stands at £82.1 billion.

However, F&C also advised shareholders today that its underlying operating costs from the second half of 2013 ‘are expected to be marginally lower than the first half of the year’.

F&C will publish its annual results for 2013 on 13 March, with the BMO deal to be put to shareholders at a meeting on 25 March.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter