M&G has promoted recent hire James Tomlins to lead manager on its European High Yield Bond fund.

Nigel Thomas, manager of the £2.8bn AXA Framlington UK Select Opportunities fund, has said UK equities are cheap, but have little scope to rise in the current environment.

Fitch Ratings has said current market conditions should make equity managers adapt their stockpicking processes to take into account more top-down views.

HIGH YIELD, POST SELL-OFF

Goldman Sachs' global markets team has revealed six key trading recommendations for 2012, based on forecasts of a deeper recession in Europe, a slowdown in the US and below trend growth in China.

Global stock markets rallied hard yesterday on news of co-ordinated action by major central banks to improve liquidity, but analysts are divided over whether it will lift markets further in December.

UBS has announced its chief risk officer is to leave the company after less than 12 months in the role after the group lost an estimated $2.3bn from rogue trading.

The Dow Jones Industrial Average rose by almost 500 points overnight as US indices jumped following news of co-ordinated central bank action to ease liquidity concerns.

The FTSE 100 has moved 3% higher after the world's major central banks announced a move to boost liquidity within the financial system.

HSBC GAM has launched a Luxembourg-domiciled frontier markets fund, the HSBC GIF Frontier Markets fund.