An unspecified number of jobs are set to go with the acquisition by Friends Provident’s ISIS Asset Management of F&C Management from Eureko, which values the deal at more than E1bn.
The merged entity would include the largest active manager of Dutch pension assets.
“I think we can say there will be job reductions,” said Alain Grisay, F&C’s current deputy chief executive who will be head of institutional business, alternatives and real estate at the merged entity. “There will be rationalisations. There are overlaps.” The merged entity will have about 1,000 employees.