Old Mutual saw profits climb in the first half, driven by cost cutting measures and the performance of its South African banking arm Nedbank, while Skandia saw its profits fall by nearly a third.

Schroders saw pre-tax profits jump in the first half of the year, although net flows into its retail funds fell sharply over the period.

F&C Asset Management saw net flows into its products turn positive in the first six months of the year, but faced a £10m payout for a lost legal dispute with the founders of its fund of hedge funds arm.

Barclays saw its pre-tax profits fall by a third during the first half of the year, with PPI claims and reduced bond trading activity hitting earnings.

Liontrust is set to acquire the fund management business of Occam, including its emerging markets and Asia teams in a £3.9m deal.

Fidelity's Gary Shaughnessy has criticised the FSA for delaying its decision on a proposed cash rebate ban in today's 'underwhelming' platform paper.

Goldman Sachs' Nicholette MacDonald-Brown has joined Schroders as a fund manager on the European equities team.

Diane Sobin has joined Threadneedle as a fund manager on the US equity desk, following the departure of Andrew Holliman to Polar Capital in May.

J.P. Morgan has moved its £68m Multi-Asset Income fund from the IMA Specialist sector into Cautious Managed in the view the peer group better reflects its investment profile.

Jeremy Tigue's £2.1bn Foreign & Colonial investment trust's half-year report shows its holdings in listed private equity drove performance, accounting for 11% of returns.