UPDATE: F&C loses £12bn Friends Life mandate to Schroders

Friends Life is to pull a further £15bn of assets from F&C Asset Management by the end of the year, with the majority going to Schroders.

In an announcement to the stock exchange, F&C said it will no longer run £12.2bn of equity and multi-asset mandates for Friends Life, which demerged from F&C in 2009. Schroders will take on the equity and multi-asset funds by the end of the year, while Friends Life will transfer a further £2.3bn of sterling fixed income assets to its own managers within Friends Life Investments. F&C had previously said it expects all its strategic partner assets to be withdrawn eventually, as their contracts expire. In its last results, F&C warned it faces 'significant headwinds' in the short term,...