The European Union is considering imposing tough new measures to curb the pay of private equity and hedge fund managers in a further clampdown on the sector.

Sales of UK life and pensions have slumped across the board as consumers limit insurance and savings to focus dwindling disposable incomes on debt.

The Cautious Managed sector is top of the Cofunds chart for the second consecutive month - accounting for three of the top five best selling funds in October.

Hysni Kaso, news editor on Investment Week, won the IMA Specialist Journalist of the Year award last night.

Net retail sales of fund of funds soared to their highest ever level in Q3 to £1.4bn, more than four times the £297m recorded in the same period last year.

Standard Life reported worldwide life and pensions sales were 15% lower at £10.5bn for the first nine months of 2009 compared to the same period last year, as falling markets took their toll.

Jupiter and Schroders are surprise entrants at the top of Bestinvest's ‘dog assets under management list', which tracks the largest funds performing well below their recognised benchmark.

Aegon has let go four members of its European equity team as part of a restructure which will also see the departure of the group's sales and marketing director Jon Bennett.

Nine out of ten advisers warn investors are over-exposed to UK equities and could be hit in the coming months as the current market rally starts to falter, according to research by Ignis Asset Management.

Wall Street shares were relatively flat in early morning trading as investors locked in profits as they await the Federal Reserve's interest rate decision later today.