Funds leave Framlington

FRAMLINGTON GROUP, the investment manager, is to lose more than pounds 100m, or 5 per cent, of its funds under management.

General Portfolio, British subsidiary of the French insurer GAN, is placing the money, which is invested in UK equities, under the management of GAN Fund Managers, its in-house manager.

GAN plans to move most of the rest of the pounds 300m which Framlington manages for it at a later date. All that will remain is the UK smaller companies portfolio.

A spokesman for General Portfolio stressed that the move was because it was seeking to build up its own fund management business. The company was perfectly satisfied with Framlington's investment performance.