Federal Reserve chairman Ben Bernanke has warned of a Lehman-style meltdown if the US Congress uses the national debt limit as a "bargaining chip", the BBC reports.

US hedge fund billionaire Raj Rajaratnam has been found guilty of making tens of millions of dollars from insider trading, the BBC reports.

Old Mutual saw a net outflow of £2.6bn in the first quarter of the year, although assets under management edged up and Skandia saw growth in new business volumes.

Schroders has unveiled an ISF Euro Credit Duration Hedged fund for head of UK and European credit strategies Adam Cordery.

Schroders' head of US large-cap equities Jonathan Armitage is leaving the firm after almost two decades to return to Australia.

Clive Capital, the world's largest commodity hedge fund, lost $400m following a collapse in the oil price last week, the FT reports.

Schroders saw its share price fall more than 5% on the release of its first-quarter results this morning.

PIMCO's Bill Gross has urged investors to focus on emerging market debt and shun US government bonds amid low rates and rising inflation which have left treasuries looking "overvalued for decades".

Schroders has renamed its gold and metals fund and changed the investment objective to allow it to invest in a different set of underlying commodities, including gold equities for the first time.

Jupiter's chief investment officer John Chatfeild-Roberts has upped his weighting to Latin America across his £6bn Merlin multi-manager portfolios after taking profits in the region last month.