* Group assets under management at 95.2 bln stg, from 96.8
bln end Q3
* Net outflows 4.897 bln stg during third quarter
LONDON Jan 30 F&C Asset Management
said it suffered net outflows of 4.89 billion pounds during the
last quarter of 2012, largely due to planned withdrawals of
fixed income assets by a big client.
Assets under management at the fund manager stood at 95.2
billion pounds at the end of the year, it said in a trading
statement on Wednesday, slipping from 96.8 billion pounds three
Of the outflows, 3.6 billion pounds were from strategic
partners, mostly on account of 2.4 billion pounds withdrawn by
client Friends Life which is taking management of fixed income
assets in house.
The wholesale business also experienced a 340 million pounds
net outflow over the three month period, mostly from the Thames
River Global Credit funds following a period of weak investment
Also contributing to the slippage in assets was a 956
million pounds net outflow from the third party institutional
business which the company blamed on losing cash management and
government bond mandates.
Other businesses saw net increases in the money they run,
The consumer business saw a net inflow of 30 million pounds
in the quarter while retail and investment trusts saw net
inflows 19 million pounds and 11 million pounds respectively.
"Performance in the quarter was good in most asset
categories and revenue yields on inflows continue to exceed
those on outflows. We look forward to continuing progress in
executing our third party institutional and consumer growth
strategies," Chief Executive Richard Wilson said in a statement.
The 144-year old firm is currently undergoing a far reaching
shake up under Executive chairman Edward Bramson, an activist
investor who won control in a controversial management coup in