It's been a rocky few months for shareholders and clients of F&C Asset Management. In February, the activist investor Sherborne won its long and fractious battle to oust F&C's previous chairman. In terms of valuation, F&C trades on a price-earnings ratio of about 10 times Peel Hunt's forecasts for 2011, a discount to the wider sector. Given the the firm's continued growth during its tricky period it might be tempting to buy in. However, we think Mr Bramson's review leaves uncertainty hanging over the stock, says the Independent, which recommends holding the shares. [4 May '11]
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