China has surprised investors by weakening its currency almost 2% lower after a weekend of poor trade data, sending shockwaves through other Asian currency markets.

River & Mercantile's Dan Hanbury has been upping exposure to stocks from the "distressed" mining sector in his £257m UK Income portfolio, in the belief they offer "compelling" value following a further slump in commodity prices.

Fund managers and economists have reacted to the surprise news that only one MPC member voted for a rate rise this month, saying the UK economy is 'not out of the woods yet'.

Old Mutual Wealth has reported a 26% jump in profits and 92% higher net client cash flows in the first half of the year, largely driven by investors taking advantage of the group's drawdown facility following the pension reforms.

Wealth manager Brooks Macdonald has promoted Andrew Shepherd, joint managing director of its asset management business, into the new role of deputy chief executive with immediate effect.

Shares in Standard Life fell 3% in early morning trading as half yearly results revealed a drop in annuities sales had hit the Edinburgh-based group's profits.

Fund managers have been clamouring to add banks, including RBS and Lloyds, to their portfolios ahead of a rate rise from the Bank of England.

Invesco Perpetual has promoted Jack Parker to deputy fund manager on a series of funds, including a trio of offshore portfolios run by co-heads of fixed interest Paul Causer and Paul Read.

Henderson Global Investors has seen another period of record net inflows of £5.6bn during the first half of the year to 30 June, bringing the total assets under management for the group to £82.1bn.

Prusik's Heather Manners is backing Vietnam as an Asian hotspot, as the country gears up to sign trade agreements, apply for MSCI membership and increase foreign ownership limits.