F&C parent Eureko lines up hire for flotation PR

Eureko, the European financial services company that owns F&C Management, is considering pitches for an account to handle financial comms around the listing of the UK fund manager.

A spokesman for F&C confirmed that Eureko was talking to several PR agencies about comms support for the company’s flotation and said that a shortlist of firms could be drawn up as early as this week.

The winning agency will report to Eureko director of communications Lorrie Morgan.

Lexicon Partners is the financial adviser to Eureko on the deal, which will take place later this year.

Eureko said in January that it planned to float between 25 and 50 per cent of F&C.

F&C was founded in 1868 as Foreign & Colonial Investment and is the UK’s oldest fund manger. The pan-European investment manager was sold to Eureko by German bank HypoVereinsbank in 2000.

Shortly after the deal, Foreign & Colonial was rebranded as F&C. F&C is now one of the ten largest pension fund managers in the UK, the Netherlands and Ireland, with £59.7bn under management. The firm has 250,000 clients in the UK.

Between 2002 and 2003, F&C increased its post-tax profits by 36 per cent to £28.3m.

F&C is advised in the UK by Lansons Communications, its retained PR adviser of four years.

Eureko is a privately owned financial services group registered in the Netherlands and has operations in 15 countries across Europe.

The group’s acquisition of Foreign & Colonial in 2000 was preceded by the merger of the businesses of Dutch insurer Achmea and Banco Commercial Portugues of Portugal.

Eureko also owns Irish insurance company Friends First. The Eureko group announced its intention to seek a stock market listing for F&C in 2002 shortly after it acquired Greek insurer Interamerican.

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