F&C sees 58pc slump in profits

Pre-tax profits were £3.4m for the first half of the year, compared to £7.9m in June 2007. Chief executive Alain Grisay attributed the fall to tough market conditions, while also stating that F&C's ability to gather new assets had been "constrained" since majority shareholder Friends Provident's announcement that wealth management is no longer core to its revised strategy. The life and pensions giant, which holds a 52pc stake in F&C, said recently it would seek to divest its interests in the company. Despite the slump, Grisay spoke of a "resilient" six month financial performance. As...