Emerging market equity manager Glen Finegan is to take a year out from his role at First State as of November.

Royal Mail shares have fallen in early trading as investors take stock of their positions following the huge surge in the share price of the group over the last few days.

Fitch has become the first ratings agency to threaten a US credit ratings downgrade over the latest debt ceiling impasse.

Rob Gambi has been appointed chief investment officer of Henderson, starting in 2014.

Richard Scott, chief investment officer of Hawksmoor, is backing healthcare as a sector to outperform and has added three preferred names to his multi-manager funds.

Canaccord Genuity Wealth Management has appointed Chris Albert to the newly-created role of head of wealth planning for its UK business.

City Financial is preparing to launch an Asian macro fund for portfolio manager Geoffrey Barker.

Christine Lagarde, head of the International Monetary Fund, has sparked fears over the impact of a US default, warning it could cause a global recession.

US markets had their best day of the year so far yesterday, with all three major indices rising by more than 2%, after politicians took a step towards agreeing a deal on the country's debt ceiling.

The FTSE 100 has surged in afternoon trading - rising over 100 points - as hopes mount US politicians will agree a deal on the country's sprawling budget deficit.