F&C Asset Management
Encyclopedia
F&C Asset Management Plc is a leading asset management company.
Unlike many asset managers which are divisions of large financial firms such as bank
s, 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
.
under the name F&C Management Limited.
In 1985 the Company started managing third party funds. 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. 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.
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
.
In 2008 Friends Provident announced its intention to divest its shareholding in F&C Asset Management. This was completed in 2009.
, 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 31 March 2010, it managed over £
101.5 billion of assets.
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, 2008 and 2009 the Company was a recipient of the Gold Standard Awards which are designed to help restore consumer confidence in financial services.
F&C is the official sponsor of Birmingham City F.C.
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.
Unlike many asset managers which are divisions of large financial firms such as bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s, 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
Corporate social responsibility
Corporate social responsibility is a form of corporate self-regulation integrated into a business model...
. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The Company was founded in 1972 as the manager of the Foreign & Colonial Investment TrustForeign & Colonial Investment Trust
Foreign & Colonial Investment Trust is a publicly-traded investment trust. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.-History:...
under the name F&C Management Limited.
In 1985 the Company started managing third party funds. In 1989 the Company established a partnership with Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
’s HypoVereinsbank
HypoVereinsbank
UniCredit Bank Aktiengesellschaft is the sixth-largest private German financial institution, with a strong presence in Bavaria. The company is based in Munich, and together with Deutsche Bank, Dresdner Bank, Commerzbank and Deutsche Postbank, it belongs to the Cash Group...
who acquired a 50% stake in the business; this stake was increased in 90% in 1998. In 2000 Eureko
Eureko
Eureko is a large European insurance company based in the Netherlands. The company was formed in 1992 and has operations in the Netherlands, France, Ireland, Greece, Turkey, Slovakia, Belgium, Luxembourg, Romania, Bulgaria and Cyprus. The company grew significantly in 2005 when Rabobank merged its...
purchased HypoVereinsbank
HypoVereinsbank
UniCredit Bank Aktiengesellschaft is the sixth-largest private German financial institution, with a strong presence in Bavaria. The company is based in Munich, and together with Deutsche Bank, Dresdner Bank, Commerzbank and Deutsche Postbank, it belongs to the Cash Group...
’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.
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
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
In 2008 Friends Provident announced its intention to divest its shareholding in F&C Asset Management. This was completed in 2009.
Operations
The Company's investments include key asset classes such as equities, bondsBond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
, cash
Cash
In common language cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately...
and property
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
– as well as alternative and specialist sectors such as socially responsible investment, hedge funds, funds of hedge funds and private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
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 31 March 2010, it managed over £
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
101.5 billion of assets.
Assets are managed from three principal investment centres: London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
and Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
. The Company has an office network spanning ten countries: China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
(Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
), France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
(Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
), Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
(Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
), Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
(Dublin), The Netherlands (Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
), Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
(Lisbon
Lisbon
Lisbon is the capital city and largest city of Portugal with a population of 545,245 within its administrative limits on a land area of . The urban area of Lisbon extends beyond the administrative city limits with a population of 3 million on an area of , making it the 9th most populous urban...
), Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
(Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
), Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
(Geneva
Geneva
Geneva In the national languages of Switzerland the city is known as Genf , Ginevra and Genevra is the second-most-populous city in Switzerland and is the most populous city of Romandie, the French-speaking part of Switzerland...
), UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
(London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
and Dorking
Dorking
Dorking is a historic market town at the foot of the North Downs approximately south of London, in Surrey, England.- History and development :...
) and the US
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
(Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
).
In 2007, 2008 and 2009 the Company was a recipient of the Gold Standard Awards which are designed to help restore consumer confidence in financial services.
F&C is the official sponsor of Birmingham City F.C.
Birmingham City F.C.
Birmingham City Football Club is a professional association football club based in the city of Birmingham, England. Formed in 1875 as Small Heath Alliance, they became Small Heath in 1888, then Birmingham in 1905, finally becoming Birmingham City in 1943.They were relegated at the end of the...
Headquarters
The company’s head office is at the heart of the City of LondonCity of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
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
Broadgate
Broadgate is a large, office and retail estate in the City of London, owned by British Land and the Blackstone Group and managed by Broadgate Estates...
complex near to Liverpool Street station
Liverpool Street station
Liverpool Street railway station, also known as London Liverpool Street or simply Liverpool Street, is both a central London railway terminus and a connected London Underground station in the north-eastern corner of the City of London, England...
. 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
London Underground
The London Underground is a rapid transit system serving a large part of Greater London and some parts of Buckinghamshire, Hertfordshire and Essex in England...
network lying beneath the site. As a result, the building was designed with a metal exoskeleton
Exoskeleton
An exoskeleton is the external skeleton that supports and protects an animal's body, in contrast to the internal skeleton of, for example, a human. In popular usage, some of the larger kinds of exoskeletons are known as "shells". Examples of exoskeleton animals include insects such as grasshoppers...
which dominates the exterior and supports the weight of the building through a steel frame resting on bridge-like foundations.
Ownership
Ownership of F&C is well diversified, with approximately 100,000 shareholders. The largest single share holder is Eureko N.V., a Netherlands based insurance group which is a 10% shareholder and has a representative on the Board.Further reading
- F&C – A History of Foreign & Colonial Investment Trust by Neil McKendrick and John Newlands, 1999.