UK - F&C Asset Management has disclosed a drop in its Q1 institutional fund figures to the London Stock Exchange.
Assets under management (AUM) in Q1 fell sharply from £104.1bn to £102.7bn, a drop of £1.4bn, which included a decrease of £900m in institutional funds.
The assets classes that experienced a significant decline in AUM included fixed income, which dropped £1.3bn and money markets which fell by £1bn.
An F&C spokesperson said it issued guidance to the market in January, in its trading update and that it was aware of an expected outflow of £5.2bn, which was largely due to Dutch balance mandates moving to specialists.
In its three year growth plan issued in March, F&C said it planned to launch new vehicles such as a GTAA fund, European private equity fund of funds and a new hedge portfolio.
The spokesman said: “We have launched more new products in this quarter than in the last two years. There will be eight initiatives launched this year for institutional and retail investors.The three year plan focuses on higher margins on specialist products, that have higher fees. The focus is to grow revenues rather than assets under management.”
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