Friends Prov to ditch F&C and wrap

In the firm’s strategic review released this morning, Friends Provident says its focus will now be on its life and pensions business. This means it will offload its stake in asset management firm F&C which has now entered an offer period, according to the Takeover Panel. Friends Provident says while it will be advantageous to continue to co-operate with F&C for product development and distribution, it is “not necessarily essential” to maintain its ownership. “The board has determined that the most appropriate way forward is to review its ownership of F&C with a view to maximising value o...