Friends Provident and Resolution Life today published details of how their fund management arms will be merged following the deal to combine their parent companies, in what will be the third major restructuring for Friends' subsidiary F&C in three years.

The two UK insurance groups said this morning they plan to combine in an all-share merger, creating an £8.6bn (€12.6bn) life assurer called Friends Financial, with about 9.5 million customers.