The chief executive of F&C Asset Management is "cautious" about markets, the funds industry and his own firm during the years ahead, explaining F&C's decision to disappoint shareholders and cut its interim dividend, despite its improved business performance.

Alain Grisay said today: "The signals coming from the macro-economic environment are mixed, and this applies on a global scale. How long it lasts is hard to say. I am not saying we are heading for a double-dip recession, but caution is in order here."