F&C Asset Management announce job cuts
F&C Asset Management has announced the results of a strategic review and in a major drive on cost savings is to cut jobs and focus on its larger, insurance and pension fund clients. The firm also revealed that assets under management at F&C had fallen during the last quarter. The news will see around 70 jobs go by the end of this month, with mainly senior managers in IT and admin losing out, rather than actual fund managers. Redundancies are set to cost just over £10 million. F&C chief executive Alain Grisay has also resigned.
The firms Chairman, Edward Bramson, said he wanted to almost treble cost savings to over £32 million a year and he will reveal further plans for the retail side of the business next year. F&C’s share price rose on the announcement as cost cutting proposals were welcomed by analysts.