Only one member voted for a hike in July

Khowala to take over the Fidelity American fund

Fund managers snap up Europe as Greek worries recede

New fund will be run by head of global equities and his team

Core inflation rises to highest level in five months

Managers of the Ruffer Investment Company have raised exposure to sterling on the portfolio to its highest position ‘for many years'.

Geir Lode, head of global equities at Hermes and manager of the Hermes Global Equity fund, has identified five technology stocks that may not necessarily be 'empire-building' but still offer sustainable returns for shareholders.

Fund managers are concerned the Chinese central bank's shock move to devalue its currency could lead to the renminbi depreciating further, sparking heightened capital flight from the region and the rest of Asia.

M&G has seen £3.4bn retail net outflows in the first six months of the year and has warned profits are expected to be "dampened" for the rest of the year as investors continue to shun fixed income funds.

Global economist Nouriel Roubini argues that rating agencies are no longer fit for purpose as they are 'backward looking' and have managed to escape any real scrutiny following the financial crisis.