F&C profits fall as Warren named retail head
Profits decline at fund manager as Michael Warren announced as retail chief, replacing Charlie Porter.
F&C Asset Management’s profits fell the first half of the year, according to the company’s interim results.
The manager recorded £21m of profits before tax in the six months to June 30, compared with £22.6m in the same period in 2011, while its assets under management fell slightly to £98.2bn, from £100.1bn in December.
F&C also announced that it had promoted Thames River investment director Michael Warren to lead F&C’s retail business, replacing Charlie Porter. It emerged yesterday (July 31) that Mr Porter, the co-founder of Thames River, was to step down from his role. He will continue as a non-executive director of F&C from early 2013.
The company again upped its cost cutting target, this time to £48.8m. The initial £33.2m announced in October was increased in May, and an additional £3m was added in today’s interim report.