F&C posts £1.5bn Q1 outflow after more strategic partner withdrawals

F&C Asset Management has reported a £1.5bn net outflow for the first quarter of 2013 as strategic partner withdrawals offset improved retail flows.

A total outflow of £1.3bn from strategic partners dampened the first quarter update, to the end of March, despite the group's AUM rising 3.6%, from £95.2bn to £98.8bn, over the period. F&C noted that buoyant markets, favourable foreign exchange trends and investment performance were key drivers in the firm's AUM rising over the period. Net retail fund inflows stood at £139 million, up from £19m in Q4 2012, which F&C put down to a successful refocus of its sales and marketing organisation. The core consumer and institutional business grew AUM by 5.4% over the three months to £38.8 b...