F&C saw its assets under management decline by £2.2bn to £90.1bn in the third quarter, despite a further climb in retail inflows, the group revealed today.
Delivering its Q3 update, the group said assets fell by 2.4% from £92.3bn at the end of June due to outflows in the wholesale and third-party institutional sectors.
However, it reported strong results in the retail sector with inflows of £162m during the quarter, bringing the total amount for the nine months to 30 September to £385m. This compares to outflows of £79m during the same period in 2012.
Assets under management in the consumer business, which comprises retail and investment trusts and includes the group's multi-manager range, run by Rob Burdett and Gary Potter (pictured), grew by £297m.
The Global Convertible Bond fund, European Smaller Companies fund and Global Smaller Companies fund saw particularly strong inflows, F&C said.
However, positive consumer and institutional results were offset by a negative foreign exchange impact of £1.5bn and strategic partner withdrawals of £2.2bn.
F&C also expects to see a £1.5m decrease per annum in annual revenue after its Portuguese strategic partner Millenium BCP indicated it would be withdrawing £260m in property assets from the F&C property division during the current quarter.
Richard Wilson, chief executive, said the results were "encouraging" and that he expected further development with strategic partner Friends First and F&C REIT's major client.
Despite the positives, shares dipped in morning trading, off 1.8% to 99.7p.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created