Following business generated in the first quarter of this year, the F&C group currently runs £98.8bn, up from £95.2bn at the end of 2012.
Its core consumer and institutional business saw growth of 5.4%, up by £2bn to £38.85bn. This includes inflows of £0.9bn in respect of third-party institutional inflows, offset by corresponding outflows of £1.1bn. The company pointed out that it also has institutional business it has won but is as yet still unfunded of a further £1bn.
This should be accounted for in the next set of interim results.
F&C’s investment trust business saw in excess of £40m of new shares issued though it also saw what it described as “modest” outflows of £56m thanks to the way a reduction in the level of gearing within one particular trust is reported.
Its strategic partner business reported it is to lose £10.36bn in assets when the exclusivity agreement with Dutch insurer Achmea ends at the end of October. The business overall grew its assets to £60bn thanks to positive investment performance as well as favourable foreign exchange trades.
The company’s chief executive Richard Wilson is no more than satisfied with the strategic partner division, adding: “We expect further clarity on the future profile of this business as the year progresses.”
As has previously been announced, Charlie Porter is to join the F&C board as a non-executive director following the company’s AGM today, subject to FCA approval. Ian Brindle and Jeff Medlock will retire from the Board at the same time.
