Friends Prov completes F&C demerger

Friends Provident completed the demerger of F&C Asset Management today (Friday 3 July) with its controlling stake in the firm distributed to all Friends’ shareholders.

The completion marks the end of a lengthy process for both companies which began in January 2008 when Friends Prov announced its plans to sell F&C as part of a strategic review of its business.

F&C says it will continue to work with the provider on a commercial basis, ‘enshrined in long term contracts’ and a number of its products, including its Stewardship range, will continue to be available through the Friends Provident product suite.

“The demerger marks a further significant milestone for Friends Provident. This action is part of the ongoing implementation of our strategy,” says its CEO Trevor Matthews.

“We look forward to a strong working relationship with F&C that continues to provide benefits for our customers and shareholders.”