BGN Entrepreneur

F&C Asset Management will cut about 70% of its administrative workforce as it steps up its efforts to see off Sherborne, the vehicle run by the American corporate raider Ed Bramson. About 110 of F&C’s back-office staff will be transferred to an outsourcer as part of a deal that is in the final stages of negotiation.
Offloading the staff should also free space at F&C’s City offices at Exchange House. The fund manager hopes to save a further GBP 3 million a year via subletting the space. According to F&C, it is said that the bulk of savings should be achieved by the third quarter next year.

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