Some of the UK's biggest wealth managers are turning positive on emerging markets as months of poor performance and outflows begin to reverse.

HM Revenue and Customs has issued fresh guidance on its decision to tax unit rebates after receiving a number of queries from fund groups and platforms.

Bond managers are becoming more bearish on peripheral Europe corporate debt, turning to core names and the US as spreads tighten to post-crisis lows.

Goldman Sachs has sought to reassure clients spooked by the recent falls in tech stocks, saying the US is unlikely to suffer a 2000-style crash.

Standard Life Investments' small cap manager Ken Nicholson has left the firm after fifteen years.

Old Mutual is reviewing Intrinsic's risk-rated Cirilium proposition in a move which could see it take over the range from Henderson.

Neuberger Berman has appointed former AXA IM manager Andrew Wilmont to head its Euro high yield team.

The Investment Management Association is planning an industry standard for how fund groups disclose turnover costs, it has emerged.

The FTSE 100 was down over 1% by 11am, with Hargreaves Lansdown leading the market lower after being downgraded by Morgan Stanley.

Greece raised €3bn of five-year money yesterday in its first foray back into the bond markets since the eurozone debt crisis.