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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of