Higher market levels fail to stem outflows at F&C

UK Retail investors continued to pull money out of F&C funds over the three months between June and September despite a pick up in worldwide equity and bond markets.

The firm suffered net outflows of £25m from its UK retail funds over the quarter. Over the nine months to the end of September, the group's UK retail Oeics funds attracted £208m, but existing clients redeemed £299m, resulting in net outflows of £91m. Despite this, assets in its UK retail mutual funds grew to £2.5bn, from £2.1bn last quarter mainly as a result of the strong stock market recovery since its lows in March. Market rise and foreign currency movements were the major contributors to the 12.3% increase in total assets under management at the firm to £99.2bn over the quarter. ...