In a statement David Cumming, head of equities at SLI, explains: “The integration of Ignis is on schedule and progressing extremely well. As part of this programme the management of Ignis equity funds, with AUM of more than £11bn, have transferred to SLI.”
F&C has already seen a change in manager of its largest offering, the £2.6bn Foreign & Colonial Trust following Jeremy Tigue’s retirement and subsequent replacement by Paul Niven in July, while other managers including Paul Thursby and Peter Geike-Cobb and Malika Gulabani departed before the acquisition was finalised. So as yet the consequences of its takeover by BMOC have yet to be seen, in spite of the ONS listing it as one of the most significant inward transactions in the second quarter.
But with Legg Mason’s acquisition of Martin Currie not expected to complete until the fourth quarter of this year, and with ongoing suggestions that the pool of asset managers remains ripe for further M&A activity, there could be further surprises in store so investors should keep an eye on just who it is that is managing their money.
Nyree Stewart is features editor at Investment Adviser
