REIT Asset Management, the investment manager owned by owned by entrepreneurs Leo Noé and Ivor Smith, has completed its merger with the property management business of F&C Asset Management.

The new business, F&C REIT Asset Management, will create a global business with £8bn of assets under management.

F&C will own 70% of the business with Noé and Smith receiving 30% plus £25m in cash and £35m in loan notes.

The move gives listed F&C a greater exposure to property than its previous 5%.

‘The Board will continue to monitor closely the impact of the new structure on the investment management of the Company's assets going forward to ensure this remains in line with the Company's stated strategy and performance objectives,’ said a statement from F&C to the stock exchange today.