F&C Asset Management has reported a drop in AUM between the second and third quarters as it continues to see outflows from its wholesales arm and Thames River.
AUM fell £1.4bn from £98.2bn as at 30 June to £96.8bn at 30 September 2012. However, consumer and institutional assets rose by £500m over the period, driven by a net third party institutional inflow of £400m. F&C’s wholesale business saw a net outflow of £266m over the quarter to 30 September, with a net £32m leaving the retail arm and a net £8m exiting the group’s investment trusts. An expected outflow from its strategic partner Friends Life totalling £3.785bn saw the overall net outflow from the business reach £3.69bn. Flows over the nine months to 30 September were also nega...
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