Legg Mason Capital Management's US fund manager Mary Chris Gay has exited the firm, Investment Week can reveal.

The vast majority of UK smaller companies funds have failed to produce significant alpha for investors over the past year, with the average fund's return lagging one benchmark index by ten percentage points.

Close Brothers has suspended redemptions on Deryck Noble-Nesbitt's Special Situations fund ahead of an expected wind-up of the portfolio in August this year.

UK CPI inflation has fallen to 2.4% in April, a larger-than-expected drop from the 2.8% figure recorded in March.

Vodafone has reported a record fall in organic service revenue in the first three months of 2013 but has hiked its full-year dividend by 7%.

Franklin Templeton's Ben Russon is to become lead manager of its £108m UK Select Growth fund next month as he begins to alter the portfolio following his move from Newton.

UK North Sea oil production represents a key opportunity for UK equity managers as capex increases and production ramps up, according to AXA Framlington's Nigel Thomas.

The final Inflation Report of governor Mervyn King's term has seen the Bank of England revise up growth forecasts but caution inflation will still likely peak above 3% this year.

Jupiter has promoted Mike Buhl-Nielsen to lead manager on its Europa fund as Stephen Pearson steps back to focus on his deputy chief investment officer responsibilities.

Anthony Cross and Julian Fosh have made rare additions to their Liontrust portfolios, and Standard Life Investments' Ed Legget has bought a raft of new stocks as the shape of the UK market begins to change.