F&C plagued by uncertainty.
Investors Chronicle - magazine and web content, March, 2008
RESULT: F&C Asset Management faces an uncertain future after Friends Provident said it wants to ditch its stake. Jonas Crosland
No sooner had F&C Asset Management started a three-year growth plan, than Friends Provident - which has a 52 per cent stake in F&C - announced its intention to merge with Resolution. However, that plan fell through and, after a strategic rethink, Friends Provident now wants to sell its stake in F&C. Management maintains that none of this has affected F&C's performance, but it must make potential investors (and potential employees) think harder.
F&C's performance last year was less than impressive, though. The dividend was cut and underlying pre-tax profit fell 13 per cent on the year to GBP77.3m. Moreover, assets under...
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