Wednesday, 28 January 2015
Last updated 12 hours ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…