F&C Asset Management is planning to cut its cost base by £12 million a year, Money Marketing reports. The firm will appoint a new outsourcing provider as it seeks to expand its business and cater to new client needs.

The outsourcing will affect about 110 employees and around 70% of the team’s existing operations staff. The group will restructure its remaining business processes around the outsourced model and form an operational cost base that varies with assets under management and transaction levels.

Click here for the story from Money Marketing.

Click here for additional coverage from Stock Market Wire.