Neptune founder and managing director Robin Geffen says the group will be avoiding Lloyds and RBS, labeling yesterday's rights issue announcements a "rescue operation".

Schroders' Richard Buxton is set to increase his stake in Lloyds after news of its exit from the Government Asset Protection Scheme and subsequent rights issue plans.

Legal and General Investment Management (LGIM) has reported new business for the first nine months of the year fell to £24.3bn, compared to £28.3bn for the same period in 2008.

Martin Currie has added two new fund managers to its global equities team.

Former Maia Capital partner Chris Ralph has joined St. James's Place in the newly created position of CIO.

Highly-regarded UK fund managers Mark Lyttleton, Tony Nutt and Martin Gray have taken a stake in new property vehicle LXB Retail Properties.

Aviva Investors has added a discretionary dilution levy fee to its Isa wrapper following a switch in the fund's administrators in September.

European markets have opened flat this morning, with defensive sectors lagging in early trading.

John Stopford will assume full control of the Investec Sterling Bond fund after the departure of Harsha Patel.

M&G posted a £2.51bn total net inflow during the third quarter of the year, with net retail sales of £1.7bn.