F&C Asset Management, the UK fund manager in the midst of a turnaround programme following substantial business outflows, had another net £2.8bn (€4.1bn) pulled by clients in the first quarter.

Overall funds under management dropped from £104bn to £102bn, the withdrawals mostly consisting of insurance money from F&C's parent, Friends Provident, and £1.1bn of outflows from institutional clients.

Mark Cobley

Charles Schwab

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