F&C Asset Management has reported £7.2bn of net outflows for 2011, during a tough year for the group as activist investor Edward Bramson seeks to turnaround the firm's fortunes.
The outflows weighed on the group's assets under management, which declined 5.4% over the year to £100.1bn. F&C attributed the fall in outflows and AUM to withdrawals from its strategic partners business. This also played its part in the firm reporting a decline in underlying operating profit, from £67.2m to £65.2m. However, net revenues increased from £243.2m in 2010 to £267m last year, predominantly due to the inclusion of Thames River for the full year. The group added gross new third-party business from institutional clients has risen to £7.8bn from £5.7bn. Edward Bramson...
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