As Edward Bramson steps down as chairman of F&C Asset Management, one of its leading shareholders has said it believes the firm's turnaround story will continue and has been buying up more shares in the past few months.

Standard Life Investments, the Scottish-owned fund manager, has become one of F&C's largest shareholders having increased its stake from 5% to 7% since May. It believes the market has been undervaluing the "unloved" firm.