Sterling has risen above $1.69 against the US dollar during trading, nearing its highest level for five years following the release of strong manufacturing data for April.

Artemis is to take over management of the Mid Wynd International investment trust as Baillie Gifford's Michael MacPhee retires.

China is poised to overtake the US as the world's largest economy far sooner than expected, according to new statistics.

Standard Life's Q1 figures have been bolstered by further inflows into SLI's flagship GARS fund, but elsewhere the group said it had seen annuity sales fall 50% after March's Budget announcement.

Artemis is planning to launch a UCITS version of Tim Steer and Paul Casson's Pan European Hedge fund strategy later this year.

The FTSE 100 has risen in early trading as news of a fresh Pfizer approach for AstraZeneca sparks a 15% jump in the UK group's share price.

The FTSE 100 has risen 0.7% in early trading to touch its highest level in six weeks, driven by gains for pharmaceutical giant AstraZeneca and the mining sector.

Better-than-expected first quarter results from Apple and Facebook have pushed both stocks higher in after-hours US trading to help calm concerns over technology stocks' performance.

Former Prudential chief executive Nick Prettejohn has joined Lloyds Banking Group as a non-executive director and chairman of Scottish Widows.

Legal & General is to convert its £1.2bn UK Property trust into a property authorised investment fund (PAIF) next month.