F&C posts £8.7m after-tax loss as currency hits AUM

The fund manager's reported loss after tax was significantly lower than the previous six months, but was down on the £3.3m profit recorded in the first half of 2008. As 58% of its portfolios were denominated in euros, F&C attributes 63% of the AUM decline from £98.6bn to £88.3bn over the half to the strengthening of sterling against the euro. F&C says its mutual fund sales were broadly flat during the first six months of the year, with a net outflow of £30m across its Oeic and Sicav funds. Its UK retail funds suffered a £66m net outflow in the half, comprised of £130m in inflows an...