F&C has hit out at the continued uncertainty surrounding Friends Provident's 52% ownership in the firm, saying the speculation has hindered the fund manager's ability to gather new assets.
In its half year results released this morning, F&C chief executive Alain Grisay says the firm has been “constrained” by the fallout from Friends Provident’s decision to divest its interest in the asset manager and is working hard to find a satisfactory solution for both parties. Friends Provident announced in January it would look to offload F&C, but has so far been unable to find a buyer at its valuation. Friends’ woes were compounded last month when F&C’s share price plummeted more than 25% on news beleaguered Dawnay Day sold off most of its 26% stake in the fund manager. F&C was hit ...
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