F&C To Lose £14.5 Billion In Friends Life Mandates

Mar 18 2014 | 10:26am ET

F&C Asset Management is losing a huge mandate from its former corporate brother.

Friends Life plans to redeem £14.5 billion from F&C this year. Most of the money, £12.2 billion in stock and multi-asset portfolios, will go to Schroders. The remaining £2.3 billion in fixed-income assets will be managed in-house.

F&C and Friends Life split in 2009, and the former has said it expects all of its strategic partner assets to be redeemed when contracts expire. Last year, F&C suffered £20 billion in such outflows.

“The group faces significant headwinds in the short term as our strategic partner assets decline and the growth from our consumer and institutional business, which is starting to emerge, takes time to develop,” CEO Richard Wilson said.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR