F&C Asset Management posts broadly positive Q4 performance

F&C Asset Management has posted a good fourth quarter performance across most asset categories, saying revenue yields on inflows continue to exceed those on outflows during the three month period.

Group assets under management (AUM) at the end of the year totalled £95.2bn, compared to £96.8bn at September 30th.

Consumer and instituational AUM was £36.8bn, compared to £36.7bn three months earlier.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Gross third-party institutional inflows totalled £0.8bn, taking the total for the year to £2.9 billion, or 12.7% at an annualised rate.

Richard Wilson, Chief Executive, said: "Performance in the quarter was good in most asset categories and revenue yields on inflows continue to exceed those on outflows. We look forward to continuing progress in executing our Third-Party Institutional and Consumer growth strategies."

The group continued: "Gross outflows from our Third-Party Institutional business of £1.7bn for the quarter were primarily attributable to cash management and government bond mandates of £1.3bn with an associated revenue yield of approximately 3bps. The majority of the remaining outflows resulted from £0.2bn of property asset realisations prior to year end.

"Continuing the trend reported earlier in the year, our Wholesale business experienced material net outflows of £0.3bn during the quarter with the most significant outflows from the Thames River Global Credit funds following a period of weak investment performance.

"Performance in the Consumer and Institutional business generated AUM growth of £1.0bn, or 2.8% (11.1% annualised) in the quarter, reflecting robust performance in all business areas other than Wholesale, where returns for the business as a whole were slightly positive."

The share price rose 0.28% to 107.30p by 08:59.

NR