UPDATE: F&C shares soar on Bramson's cost-cutting plan

F&C's share price rocketed in early trading as investors welcomed plans from Sherborne Investors' Edward Bramson to slash costs and cut staff.

Shares in the asset manager are up 8.26% or 5.15p to 67.5p, at 10.30am, after Bramson's eagerly anticipated strategic review into F&C laid out plans to cut costs, with staff redundancies outlined. The group this morning reported a £4.8bn fall in AUM for the third quarter, with its open-ended fund business posting a net outflow of £559m. Activist investor and new executive chairman Bramson has moved swiftly to convince investors F&C can reverse the losses it has suffered in the past few months, upping its expense reduction target from £12m to £33.2m. Bramson said there will be staff...