F&C rues £3bn asset drop

Assets under administration at the investment company fell to £101.3bn in the first half of the year, down from £104.1bn in December. The Friends Provident investment management arm also announces it halved its interim dividend payout to 2p per share. However, the firm says it has made a £7.9m pre-tax profit, up from a £29.2m loss at the corresponding point last year. F&C attributes the improvement to a £58.5m impairment charge incurred in 2006, not repeated this year. A spokesperson played down the drop in funds under management, citing “the decline reflected continued withdrawals ...