F&C Asset Management has revealed that two of its long-term partners have pulled another £7bn in assets under management from the company, as the fund manager concluded the second part of the strategic review it hopes will revive its fortunes.

The fund manager, which is now run by Edward Bramson, the activist investor who wrested control of the company nearly 18 months ago, said that it will lose just under £7bn from its so-called "strategic partner" account, from mandates it manages on behalf of two - Portuguese bank Millennium BCP and Achmea, a Dutch insurance company.