F&C Asset Management turns corner

Friends failed to find a buyer and demerged it through a free shares handout in July.

Chief executive Alain Grisay said: "We were finally released having been virtually closed for new business for two years. It is a slow business but we are back on the consultants' ratings and back winning mandates."

Assets under management slipped less than 1% last year to £97.8 billion while post-tax profits dropped from £37.3 million to £28.3 million. The dividend for the year is static at 6p a share.