Multi-manager, trusts boost retail business at F&C

F&C Asset Management suffered a 2.4 per cent fall in assets under management during the third quarter of the year due to ongoing withdrawals from institutional accounts and “strategic partners”.

Assets were also hit by currency movements, the group said.

According to its interim management statement the retail side of its business attracted £162m in net new money between July and September. This brought the total inflows for the first nine months of 2013 to £385m.

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Retail fund inflows were aided by improving inflows into Gary Potter and Rob Burdett’s multi-manager range as well as sales of F&C’s offshore funds.

The group also reported strong performance from its investment trusts, with £33m in new shares issued in the third quarter. Total assets in trusts grew slightly, with inflows being offset by outflows from the closed Thames River Hedge Plus trust.