UK-quoted fund manager F&C Asset Management said it's 2009 results, published this morning and showing a return to profitability, support the case for a £50m (€55m) takeover bid it has made for Austrian fund manager C-Quadrat.

Alain Grisay, chief executive of F&C, said that part of the reason for the return to profitability was its integration of Reit Asset Management, bought in 2008. He said: "We believe the acquisition of Reit Asset Management has demonstrated our ability to acquire and preserve the value of entrepreneurial businesses. We will therefore look to build on this model with further acquisitions, should we find them."