F&C investors back Bramson's plan to slash costs and cut staff

Executive chairman Edward Bramson plans to reduce firm's expenses by £33m.

F&C’s share price rocketed last week as investors welcomed plans from Sherborne Investors’ Edward Bramson to slash costs and cut staff. Shares in the asset manager rose 8.26% or 5.15p to 67.5p on Tuesday after Bramson’s eagerly anticipated strategic review into F&C laid out plans to cut costs, with staff redundancies outlined. The group 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 su...