ISIS Isis Asset Man

RNS Number:7066D
ISIS Asset Management PLC
05 October 2004

  This announcement does not and these materials do not constitute an offer to
sell or issue or the solicitation of an offer to buy or acquire ordinary shares
in the capital of the Company in the United States, Canada, Australia, Japan or
  in any jurisdiction in which such offer or solicitation is unlawful and the
information contained herein is not for release, publication or distribution in
whole or in part in or into the United States, Canada, Australia or Japan or in
    any jurisdiction in which such publication or distribution is unlawful.



5 October 2004

  F&C Asset Management Holdings B.V. ("Eureko Holdings") conditionally places
75,726,031 ordinary shares in ISIS Asset Management plc ("ISIS" or "the Company
                           ") at 230 pence per share



Eureko B.V. ("Eureko") today announces that, by way of an accelerated bookbuild,
Eureko Holdings has successfully conditionally placed with institutional
investors at a price of 230 pence per share 75,726,031 of the ordinary shares in
ISIS (the "Placing Shares") that will be issued to Eureko Holdings upon
completion of the merger between F&C Group (Holdings) Limited and ISIS (the 
"Merger") (the "Placing"). The Placing Shares will represent 16 per cent. of the
issued ordinary share capital of ISIS following completion of the Merger.  The
Merger remains conditional, inter alia, on Admission. The Placing is
conditional, inter alia, on the Merger becoming unconditional and Admission and
is also subject to certain other conditions set out in the placing agreement
between, inter alia, Eureko, Eureko Holdings and the Placing Agents.

Application has been made to the UKLA for the Existing Ordinary Shares to be
readmitted and the New Ordinary Shares to be admitted (i) to the Official List
of the UKLA and (ii) to trading on the London Stock Exchange's market for listed
securities.  It is expected that the readmission to listing of the Existing
Ordinary Shares and the admission to listing of the New Ordinary Shares will
become effective, that dealings in such securities on the London Stock Exchange
will commence, and that completion of the Merger will take place at 8.00 a.m. on
11 October 2004.  Accordingly, settlement will now take place on a "T+4" basis.

The book was heavily oversubscribed with positive demand from existing ISIS
shareholders and a wide range of new institutions, including significant
appetite from outside the UK.  Subject to the terms and conditions applicable to
the Placing, settlement of purchases of Placing Shares is to be made through
CREST on 11 October 2004.  Eureko Holdings will receive gross proceeds of
approximately #174.2 million.

As part of the Placing, certain directors of Friends Provident plc and ISIS have
agreed to acquire Placing Shares worth, in aggregate, #190,000.  Also, Mr
Jenkins (the proposed non-executive Chairman of the Enlarged Group) has agreed
to purchase 100,000 Placing Shares.

On Completion, it is expected that ISIS will change its corporate name to "F&C
Asset Management plc" and change its ticker on the London Stock Exchange to "
FCAM".

This announcement has been issued by Eureko and is its sole responsibility.

Members of the public are not eligible to take part in the Placing.  This
announcement, insofar as it constitutes an invitation or inducement to
participate in the Placing, is for information purposes only and is directed
only at persons who have professional experience in matters relating to
investments falling within article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2001, as amended (the "Order") or are
persons falling within article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc) of the Order and who have been invited to
participate in the Placing by the Placing Agents or any of them (all such
persons together being referred to as "relevant persons").  This announcement
must not be acted on or relied on in relation to the Placing by persons who are
not relevant persons.  Any investment or investment activity to which the
Placing relates is available only to relevant persons and will be engaged in
only with relevant persons.  This announcement does not constitute an offer or
an invitation to acquire or dispose of any securities in ISIS.

This announcement has been approved by Citigroup solely for the purposes of
Section 21 of the Financial Services and Markets Act 2000.

Citigroup Global Markets U.K. Equity Limited ("Citigroup") is acting as sole
global co-ordinator and joint bookrunner, Cazenove & Co. Limited ("Cazenove")
and Merrill Lynch International ("Merrill Lynch") are acting as joint
bookrunners, and ABN AMRO Rothschild ("ABN AMRO Rothschild") and Morgan Stanley
Securities Limited ("Morgan Stanley") are acting as co-lead managers, in each
case for Eureko and Eureko Holdings and no one else in relation to the Placing
and none of them is advising any other person or treating any other person as
its client in relation thereto and none of them will be responsible to any
person other than Eureko and Eureko Holdings in relation to the Placing for
providing the protections afforded to their respective clients nor for providing
advice in relation thereto.  Citigroup Global Markets Limited and Lexicon
Partners Limited are acting as joint financial adviser to Eureko.


Enquiries


Eureko                       + 31 306 937 000

Gerard van Olphen
Lorrie Morgan


ISIS                         020 7506 1168       F&C                      020 7628 8000
Howard Carter                                    Robert Jenkins


Citigroup                    020 7986 4000
Darrell Uden
Chris Jillings
Jan Skarbek
Jim Wight


Cazenove                     020 7588 2828       Merrill Lynch            020 7628 1000
Tim Wise                                         Rupert Hume-Kendall
Richard Locke                                    Richard Slimmon
Greg Bennett                                     Oliver Holbourn
Conor Hillery                                    Oliver Greaves


Definitions


"Existing Ordinary Shares"                           means the 150,284,561 ordinary shares in the capital
                                                     of ISIS in issue as at 6 September 2004

"New Ordinary Shares"                                means the ordinary shares in the capital of ISIS, to
                                                     be issued in consideration for the acquisition of the
                                                     entire issued share capital of F&C Holdings, as
                                                     further described in the Listing Particulars

"Placing Agents"                                     means Citigroup, Cazenove, Merrill Lynch, ABN AMRO
                                                     Rothschild and Morgan Stanley




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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