Having apparently at last shrugged off JC Flowers’ unwanted attentions [or intentions, as
the case may be] Friends Provident continues with its own Strategic Review.
It has announced closure of eleven regional offices, against a backdrop of a 2% fall in UK
life and pensions new business. Funds under management also fell by 1.74%.
Four consolidated offices will rise, phoenix-like; as 600 staff make ready to go, further talks
continue across all business functions.
Friends has lost panel position on group pensions business because of uncertainty of ownership;planned restructures will also affect individual product distribution. Sir Adrian Montague, chairman, warned, “There is much to be done but we remain confident in our strategy and long-term prospects.”
Plans also exist to sell asset management arm F&C as well as Lombard and Pantheon Financial.
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1 Pages tagged "provident" // May 24, 2008 at 4:21 am
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