Asset management firms complete merger

REIT Asset Management and F&C Asset Management have merged to create a global business with £8 billion of assets under management.

The proposed merger was announced by the companies in July and confirmation of its completion was revealed yesterday.

It created the new firm F&C REIT Asset Management.

F&C will own 70 per cent, with REIT entrepreneurs Leo Noe and Ivor Smith receiving 30 per cent plus £25 million in cash and £35 million in loan notes.

In a statement, F&C said: "The Board will continue to monitor closely the impact of the new structure on the investment management of the company's assets going forward to ensure this remains in line with the company's stated strategy and performance objectives."

REIT Asset Management was formed in 1996 and has built up a global property of portfolios and now has offices in London, Mumbai, Munich, Stockholm, Tel Aviv and Istanbul.

Established in 1868, F&C has more than three million private and corporate clients.

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