Business Services Industry
News: Merged F&C keeps key insurance clients.
EPN: European Pensions & Investment News, July, 2004
The Dutch financial services group, Eureko, and Friends Provident, parent of the ISIS asset management company, have retained all key clients after agreeing a complex asset management integration deal.
Friends Provident will hold a 51% stake in the new company; Eureko will hold 23%. This holding includes F&C staff and management shares.
Eureko had intended to seek a stock market listing for F&C, a strategy it announced in January this year.
The GBP120bn (E180bn) combined asset management operations of F&C and ISIS will adopt the F&C brand and will use F&C's headquarters and IT platform. ISIS had GBP63.5bn in assets under management as of December 2003, while F&C had GBP56.4bn.
Alain Grisay, chief executive of F&C management and designated...
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