Bramson warns F&C staff face redundancies

The group this morning reported a £4.8bn fall in AUM for the third quarter, with its open-ended fund business posting a net outflow of £559m. Activist investor Bramson has moved swiftly to convince investors F&C can reverse the losses it has suffered in the past few months, upping its expense reduction target from £12m to £33.2m. Bramson said there will be staff cuts primarily affecting back office and corporate staff, with "limited impact" on the investment teams and client-facing staff. Bramson has laid out a revised strategy for the group, in which the group will strive to gener...