The Spanish government has announced €40bn in spending cuts and budget savings in its latest attempt to turnaround the country's struggling economy.

Colin Ng, head of Asian equities at Barings, has left the group to pursue other opportunities.

IS STERLING OVERVALUED?

Hermes Fund Managers has launched a US small and mid-cap equity fund based on a strategy run by its US team for over a decade.

The FTSE 100 was off over 1% mid-afternoon as investors spooked by the latest developments in Spain took risk off the table.

Investec is bringing its $463m Global Franchise fund onshore as it expands its specialist equity range, Investment Week understands.

Close Brothers has reported a 2% rise in full-year pre-tax profits and expects its asset management division to return to profitability next year as it completes a restructuring.

The managers of the £4.4bn Artemis Income fund bought into Standard Chartered last month, but the bank's leading shareholder is reportedly looking to offload its stake.

Threadneedle has launched a multi-asset absolute return fund for new hire Toby Nangle who joined the group this year from Barings.

Philip Rodrigs, winner of the Outstanding Rising Talent accolade at the Morningstar OBSR awards, said his success has been due to his ability to deliver style agnostic returns in a difficult market.