Continued withdrawals of client money are behind a near £3bn fall in assets under management in the last six months, F&C says.
Assets under administration at the investment company fell to £101.3bn in the first half of the year, down from £104.1bn in December. The Friends Provident investment management arm also announces it halved its interim dividend payout to 2p per share. However, the firm says it has made a £7.9m pre-tax profit, up from a £29.2m loss at the corresponding point last year. F&C attributes the improvement to a £58.5m impairment charge incurred in 2006, not repeated this year. A spokesperson played down the drop in funds under management, citing “the decline reflected continued withdrawals of c...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes