The FTSE 100 opened higher this morning after a sharp fall yesterday on news Japan had been hit by a second earthquake.

Jean Claude Trichet, the president of the European Central Bank, has defended yesterday's 25 basis point hike in interest rates as good for the eurozone, as EU leaders prepare for talks on the bailout of Portugal.

Skandia Investment Group (SIG) is reviewing a £7.6m bond mandate run by Old Mutual Asset Managers (OMAM) following the departure of manager Stephen Snowden.

Old Mutual Asset Managers' bond manager Stephen Snowden has left the firm to return to rival house Aegon Asset Management.

MAM Funds' Simon Edwards is retiring from the firm in June.

Barings' Daniel Isidori is joining Threadneedle to take on the management of the £1.2bn Latin America fund.

Heather Manners has soft-launched an Asian Equity Income fund, the third offering from her boutique Prusik Investment Management.

Henderson's chief economist Simon Ward outlines the leading indicators pointing to recovery in the UK economy.

COMPANIES STRONG AMID 'SLUGFLATION'

Strategic bond managers are adopting a defensive stance on their portfolios, cutting duration and selling down risk assets on fears over the global economy.