The prospect of today's tapering announcement from the US Federal Reserve kept action in the FTSE 100 to a minimum in morning trading.

The FTSE 100 will soar past its record high to reach 8,000 by the end of 2014, according to analysts at Citigroup.

Skandia is to allow advisers to take trail commission until the April 2016 deadline, putting it on a collision course with rival platforms intending to bulk switch clients as early as next month.

High yield analysts and managers have warned some of the largest funds in the sector are being hit by a liquidity crisis.

Fixed income managers have taken profits on their short positions in US treasuries in the expectation this week could mark the start of a short-term rally.

J.P. Morgan Asset Management is seeking to raise £100m for the launch of an as-yet-unnamed trust investing in senior structured loans.

City Financial is to merge its Multi-Manager Income fund with the Global Multi-Strategy fund, subject to unitholder approval.

Alliance Trust Investments has appointed Kenny Watson and Dan Daldry to its bond team, reporting to head of fixed income Rod Davidson.

Shares in Facebook have passed their previous high of $45, set on their first day of trading in May 2012.

Old Mutual has replaced Jupiter and Newton on a number of mandates within its £234m European Best Ideas fund with a range of in-house Old Mutual managers and Alken's Nicolas Walewski.