London-listed fund manager F&C Asset Management, whose controlling shareholder Friends Provident has been looking to sell its 52% stake since January, reported that its operating profit has halved to £5m (€6.3m), but said that this was a result of building the business which will "take off soon".

Alain Grisay, F&C's chief executive, said the company's products had earned a record 27 "buy" ratings from investment consultants, with some funds being recommended by more than one consultant.