STUART DUNCAN PEEL HUNT
F&C has made progress in improving flows, albeit that the headline number continues to reflect the larger strategic partner outflows. We continue to expect that earnings growth will be driven by the delivery of planned cost savings, and this is likely to drive our 2013 forecasts higher.
ARUN MELMANE CANACCORD GENUITY
We continue to see intrinsic value in F&C given the maintained assets under management levels. The uncertainty from the outflow of Friends Life assets under management continues to abate as less of it remains to be in-sourced.
DAVID MCCANN NUMIS
A weaker than expected quarter... To see further earnings and so share price growth from here, the business will need to start delivering some meaningful organic growth. This still feels a long way off.