Friends Provident has issued a circular to shareholders proposing the de-merger of F&C Asset Management from the main group, seeking a vote by 12 June.
If successful, the de-merger will conclude on 3 July, and will see Friends' stake in F&C redistributed among its existing shareholders. F&C will be holding an extensive roadshow throughout June to meet with institutional investors. Friends Provident has confirmed it will continue to use F&C as asset manager of a substantial pool of assets, while preserving access to new asset flows and products. F&C chief executive Alain Grisay says: "After a period of prolonged uncertainty over our ownership we look forward to welcoming new shareholders while continuing to benefit from an ongoing clien...
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