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F&C Asset Management Plc
Type Public (LSE: FCAM)
Founded 1972
Headquarters Flag of the United Kingdom.svg London, England, UK
Key people Robert Jenkins, Chairman
Alain Grisay, CEO
Industry Investment management
Revenue £245.3 million (2008)
Operating income £(59.3) million (2008)
Net income £(50.5) million (2008)
Website www.fandc.com

F&C Asset Management Plc (LSE: FCAM) is a leading asset management company. Unlike many asset managers which are divisions of large financial firms such as banks, F&C Asset Management (known as F&C) is a standalone publicly-listed asset manager. It is an active shareholder with a strong commitment to corporate social responsibility. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

History

The Company was founded in 1972 as the manager of the Foreign & Colonial Investment Trust under the name F&C Management Limited.[1]

In 1985 the Company started managing third party funds.[1] In 1989 the Company established a partnership with Germany’s HypoVereinsbank who acquired a 50% stake in the business; this stake was increased in 90% in 1998.[1] In 2000 Eureko purchased HypoVereinsbank’s 90% stake and in 2001 went on to secure 100% control and consolidate their asset management activities with those of the Company under the F&C brand.[1]

In 2004 ISIS Asset Management merged with F&C Management Limited to form F&C Asset Management and the combined business was then listed on the London Stock Exchange.[1]

In 2008 Friends Provident announced its intention to divest its shareholding in F&C Asset Management.[2] This was completed in 2009.[3]

Operations

The Company's investments include key asset classes such as equities, bonds, cash and property – as well as alternative and specialist sectors such as socially responsible investment, hedge funds, funds of hedge funds and private equity funds.

Although many financial services companies sell insurance or banking products, F&C is dedicated to asset management. The company’s clients include retail investors, financial advisers, and large institutional investors such as public authorities and charities. The Company has offices throughout the world, and has more than three million private and corporate clients on whose behalf, as at 30 June 2008, it managed over £96.5 billion of assets.[4]

Assets are managed from three principal investment centres: London, Amsterdam and Edinburgh. The Company has an office network spanning ten countries: China (Hong Kong), France (Paris), Germany (Frankfurt), Ireland (Dublin), The Netherlands (Amsterdam), Portugal (Lisbon), Sweden (Stockholm), Switzerland (Geneva), UK (London, Edinburgh and Dorking) and the US (Boston).

In 2007 the Company was a recipient of the Gold Standard Awards which are designed to help restore consumer confidence in financial services.[5]

Headquarters

The company’s head office is at the heart of the City of London in Exchange House, Primrose Street, London. The building is regarded as one of the finest new buildings in the City and is situated in the Broadgate complex near to Liverpool Street station. The company moved here from its office in Laurence Pountney Hill in 1990.

Exchange House itself is a striking building. Conventional foundations were not possible as the design had to accommodate the existing railway lines and London Underground network lying beneath the site. As a result, the building was designed with a metal exoskeleton which dominates the exterior and supports the weight of the building through a steel frame resting on bridge-like foundations.

Ownership

The majority shareholder of the company is Friends Provident which owns approximately 52% of the issued share capital. The other major shareholder is Eureko, which owns approximately 11% of the issued share capital.

References

External links

Further reading

  • F&C – A History of Foreign & Colonial Investment Trust by Neil McKendrick and John Newlands, 1999.
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