THE new chairman of F&C Asset Management faced investors for the first time yesterday, as the fund manager reported an increase in assets under management to £106.1bn.
At the first annual general meeting since activist investor group Sherborne Investors took control of the board in February, Edward Bramson said his review of the company’s operations was ongoing.
Analysts have deemed the outcome of the review an integral factor in the fund’s long-term value, though the jump in inflows will be seen as an initial vote of confidence in Bramson’s first months of leadership.
The fund reported inflows of £195m for the last three months, boosting assets by 0.3 per cent but missing analysts’ predictions of an increase to £108.1bn.
F&C said that weaker fixed income markets had offset positive currency movements and higher equity markets to keep asset growth subdued in the first-quarter.
“Overall the business continues to trade in line with management’s expectations,” said Alain Grisay, F&C chief executive.