Close Asset Management has renamed four of its discretionary portfolios and has moved two of the range to different IMA sectors to better reflect their investment objectives.

Marlborough Special Situations and UK Micro Cap Growth manager has moved to cash in anticipation of buying opportunities.

Managers fear France could be the next European nation in line for a downgrade as it steps in to support beleaguered bank Dexia.

Fund buyers have said Jupiter is still the fund group of choice for financials exposure following Philip Gibbs' decision to step back from the sector.

More than 150 UK domiciled funds - equivalent to 12% of the total universe of funds today - have raised annual management fees over the past decade, a new Lipper study has revealed.

US equity markets have opened higher as markets react to better than expected US jobs data for September.

The FTSE has opened 0.8% higher, building on yesterday's 3.2% rise, as markets hope policymakers are moving to combat the eurozone crisis.

OMAM's Stewart Cowley has said the global bond market is in the last throes of a rally, even as the Federal Reserve looks to cut yields via Operation Twist.

Funds under management (FUM) at UK fund groups rose by 17% to a record £4.8trn in 2010 but the value of retail funds has fallen back in 2011, according to a report from TheCityUK.

Philip Gibbs is to step down as deputy manager of the Jupiter Financial Opportunities fund and manager of the Jupiter International Financials fund on 31 October.