F&C Asset Management today conceded it faces “significant headwinds” in the coming months after it confirmed £19 billion of assets were withdrawn in 2013. The results come six weeks after the firm confirmed an indicative offer of £708 million from Canada’s Bank of Montreal for the company.

In its annual results for 2013, the company said it stands to lose annualised revenue worth a total of £35.5 million as a result of the withdrawals, which includes a £11.3 million loss of revenue in 2013.