Net asset outflows of around £7.8 billion ($13.6 billion) for 2005 are expected at UK-based F&C Asset Management. Net year-end assets under...

Net asset outflows of around £7.8 billion ($13.6 billion) for 2005 are expected at UK-based F&C Asset Management. Net year-end assets under management are expected to be €11.5 billion ($13.6 billion) in 2005. The announcement follows the unexpected exit of former chief investment officer Tony Broccardo last month. His role has been taken over by Fernando Ribeiro. “While investment performance has stabilised or improved in a number of areas during 2005, there are some product areas where we are devoting further attention,” said incoming chief executive Alain Grisay. “The poor three-year records in these areas have continued to lead to client outflows during the final quarter of the year,” he added. Most of the outflows are on the institutional side of F&C Asset Management.