London-listed F&C Asset Management today said its cost reduction plans remained “on schedule” as it announced a 1.7 per cent rise in the amount of funds it oversees for clients.

Assets under management rose by £1.7 billion (around $2.74 billion) to £101.8 billion at the end of March this year, with AuM growth taking place in consumer, institutional and strategic partner segments, F&C said in a statement.

Retail assets  under management rose by 6.8 per cent in the first quarter, including £13 million of net inflows, the firm said.

“We are encouraged by the significant increase in the balance of awarded but unfunded assets in our Institutional business and by the increase in fiduciary assets which we highlighted in the first phase of our strategic review in October,” Edward Bramson, executive chairman, said. “Retail inflows were also positive and we will be addressing strategies for our consumer businesses in the second phase of the strategic review to be announced on 15 May," he added.