F&C and RAM to merge under 'Friends'

The possible acquisition of RAM by F&C is subject to UK listing rules and independent shareholder approval. F&C says it will continue to be separately listed and majority owned by Friends Financial. It estimates a combination of itself and RAM, which together had £165bn assets under management at the end of 2006, could provide an annual £26m before tax saving. It says the united asset management operation would be a “leading manager of UK life fund assets as well as a significant manager of third party funds”. “Subject to reaching an agreement with the F&C board, F&C's management wil...