F&C shares fall as AUM declines

F&C Asset Management was one of the biggest losers in the FTSE 250 today after the group revealed a spike in outflows in 2011 and a dip in profits.

Shares, which have traded in the red all day, extended losses in the afternoon, and by 2.45pm they were trading down 6.2% or 4.5p, at 68.5p. The fall came after the firm reported £7.2bn of net outflows for 2011, following a tough year for the group which saw activist investor Edward Bramson attempt to turn around the firm's fortunes. Meanwhile underlying profit dipped from £67.2m to £65.2m, while assets under management declined 5.4% over the year to £100.1bn. F&C attributed the outflows to withdrawals from its strategic partners business. However, broker Société Générale said t...