EUROPE - Financial services giant Eureko is planning to float its asset management arm, F&C Management.
The Dutch insurer is planning to sell 49% of the firm – which it acquired for £460m in 2001 – in order to raise money for future acquisitions. Eureko said the changes had the full support of F&C’s management and that floating the firm was the “next logical step” in its development.
F&C chief executive officer Robert Jenkins said Eureko had yet to decide on which exchange it would float the fund manager and added: “F&C is one of the few asset management organisations focused on the pan-European marketplace.
“A listed subsidiary is a model which has worked well for other asset managers and one which should help us take advantage of opportunities to develop the business further for the benefit of our clients, shareholders and employees. It is an exciting prospect and one which the management team fully supports.”
As at December 31, 2003, F&C had total assets under management of approximately e90bn (£64bn) and employed 437 staff. For 2003, F&C had revenues of approximately e200m (£140m), of which a third was sourced from UK clients.
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