F&C ASSET Management yesterday posted a £4.9bn fall in the amount of money it manages after losing a contract with insurer Friends Life.
The money manager, which is in the midst of a radical turnover led by activist owner Ed Bramson, saw £2.4bn of fixed income cash pulled out by the insurer, which will now manage the pot itself through its own internal money manager.
Institutional cash from pension funds and charities also fled out of F&C’s funds, with third party institutional business depriving F&C of £956m. Its wholesale business also saw a net outflow of £340m over the quarter.
Total assets under management came in at £95.2bn at the end of December, down from £100.1bn a year ago.
The 144-year old business, which started life as Foreign & Colonial, was taken over by Sherborne Investors boss Ed Bramson in a boardroom coup in 2011.
Bramson has launched two strategic reviews to turn around the business, which has resulted in a number of job losses.
He appointed Richard Wilson as chief executive before Christmas.
“We look forward to continuing progress in executing our Third-Party Institutional and Consumer growth strategies,” Wilson said.