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Losses hit fund manager F&C

F&C, the fund management firm part-owned by Friends Provident, was hit by a series of contract-related charges in the first half of the year.

Loss of mandates to manage funds for the likes of Resolution Life meant that F&C took a near GBP50 million charge, as it slumped to a pretax loss of some GBP29 million in the first half of the year.

However its revenues for the first half were stable against last year at GBP130 million, as it continues to take on more retail and sub-advisory work, which should boost its fees.

Alain Grisay, chief executive of F&C, told Reuters that the underlying message is that the quality of the business is improving.