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Resolution terminates £22bn of F&C contracts

Shares in F&C Asset Management, the UK fund manager, fell by 12% after Resolution Life, the UK life insurer, said it was terminating contracts worth £22bn (€18bn) following its merger today with rival manager Britannic Group.

The shares were trading at 213p at 11:20 GMT, rallying from a day's low of 199.75p

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