The St James's Place UK High Income fund and two other portfolios have become the latest to exit the IMA UK Equity Income sector for failing to meet yield requirements.

Ashcourt Rowan has posted a pre-tax loss of £2m for the year to 31 March but said it is "on the brink of realising potential value" after a return to profit in the second half.

Research by Investment Week has revealed only half of managers in the major IMA sectors have run their funds for five years or more.

Schroders has hired two listed real estate managers from Australia's AMP Capital to create a new property team as it takes over the Investors in Global Real Estate trust.

Aon Hewitt's Craig Nowrie is to join Threadneedle as a portfolio manager in Toby Nangle's multi-asset allocation team.

US GDP contracted 2.9% in the first quarter as bad weather had a worse-than-expected impact, according to final estimates.

Woodford Investment Management raised £1.6bn for the CF Woodford Equity Income fund during its offer period this month, the company has announced.

The Financial Conduct Authority has charged a former Schroders equities trader with nine counts of insider dealing.

Schroders is among a group of investors to have acquired a $32m (£18.8m) stake in online wealth manager Nutmeg.

Sterling has fallen back below $1.70 after Bank of England Governor Mark Carney sounded a more dovish tone on base rate rises.