The Aviva UK Equity Income fund, run by Chris Murphy, has a 1.6% holding in F&C. Mr Murphy said; "We are supportive of the deal at the moment but it's at the bottom end of the range of our expectations It's a good-quality asset. The price could go up and someone else could look at the business."
Standard Life Investments, which is the second biggest shareholder in F&C with 10.3%, has already said it thinks the BMO offer is low and it was keeping its options open.
The board of F&C said last month it would recommend accepting the cash offer from BMO.