About F&C Asset Management
F&C Asset Management is a leading diversified multi-specialist investment management group with a heritage spanning more than 140 years. While many asset managers are owned by financial services conglomerates, such as banks or insurance companies, F&C is an independent group, listed on the London Stock Exchange, which is focused exclusively on managing money. Today the group operates from offices in eleven countries and manages £101.5 (€113.8)* billion of assets for a combination of insurance clients, institutional investors and private individuals which collectively represent 3 million underlying savers. * as at 31 March 2010
Related Links
-
16 Supporters
-
Subscribe to updates
F&C Asset Management's Updates
The fund manager F&C Asset Management gained ground in its battle against activist US investors yesterday as its second biggest shareholder, Eureko, publicly backed its board.
The support of Eureko, a Dutch insurer which has operations in eight other European countries, is significant because it is also one of F&C's biggest clients.
F&C is battling against Sherborne, the US investor which has built up a 17 per cent stake and wants to oust its chairman and another director, replacing them with three new directors of its choosing. Eureko has a 9.6 per cent stake in F&C.
Gerard van Olphen, Eureko's chief financial officer, said: "We have every confidence in the board of F&C Asset Management and the strategy it is pursuing. Creating uncertainty around F&C is not in our best interest nor in that of our policyholders. Furthermore, no alternative strategy or business plan has been put forward so far."
The statement came as F&C unveiled plans to outsource part of its back office to cut £12m of costs. An EGM on Sherborne's plans is scheduled for 3 February.
Read the original article by James Moore here: http://www.independent.co.uk/news/business/news/shareholder-backs-fampc-2185236.html
