F&C sees increase in assets under management

Mixed-chartF&C Asset Management saw its assets under management increase to £98.8 billion (€75.9 billion) at the end of March, up from £95.2 billion in December last year. According to the interim statement, the increase was driven by market performance, positive net flows and investment trust share issues. However, it suffered wholesale net outflows of £178 million related principally to the Thames River Capital Global Credit, Global Bond and Multi-Alternative funds. Outflows had started in 2012, but continued at a lower rate. Assets under management by strategic partners increased by £60 billion as positive performance and foreign exchange factors offset moderate outflows F&C managed £25.4 billion on behalf of Achmea, which includes Friends First, at the end of March. Achmea plans to recapture £10.3 billion of these assets when the period of exclusivity terminates at the end of October 2013 or shortly thereafter Charlie Porter joins the F&C board as a non-executive director today after the annual general meeting, subject to approval from the Financial Conduct Authority. Ian Brindle and Jeff Medlock will retire from the board. ©2013 funds europe

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