FRIENDS Provident has indicated that it is to sell its controlling stake in F&C Asset Management, following a strategic review of its businesses that will see it renew its focus on core interests in the international life and pensions market.
In a stockmarket update, the group listed F&C, alongside Lombard and Pantheon Financial, as three businesses which "do not fit the revised strategy". It said it will explore opportunities for these businesses with a view to maximising value for its shareholders. The statement read: "It is important to emphasise that these businesses remain profitable and open for business as usual: they simply do not fit with our new strategy. "We will work with the respective management teams to identify the appropriate strategy to maximise value for shareholders and to secure the future success of t...
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