Francis Brooke, manager of the Troy Income & Growth trust and £780m Troy Trojan Income fund, said his trust is positioning for further mergers following its takeover of two rivals.

Threadneedle vice chairman Sarah Arkle has stepped down from the role and is set to take up a non-executive director position at Henderson.

ASIAN INCOME

Private client manager James Hambro & Partners is to merge with Calkin Pattinson to create a combined group with £1bn in assets under management, advice and administration.

Fidelity is to rename Aruna Karunathilake's £167m UK Aggressive fund to better reflect its investment style.

Seven leading global banks, including Barclays, RBS and HSBC, have been issued with subpoenas by the state of New York over the alleged rigging of LIBOR.

Bank of America Merrill Lynch's latest 'equity hitchhiker's guide to the global galaxy' has outlined a range of prospective trades for investors in the coming months.

FIXED INCOME ALLOCATIONS

The popularity of M&G's fixed income offerings has seen it continue to dominate UK fund sales rankings in the second quarter of 2012, according to Fundscape's latest Pridham Report.

Standard Life has risen 5.5% in early trading after impressive interim results, helping push the FTSE 100 up 0.7%.