HSBC has revealed it faces a hefty fine - estimated at $1bn by analysts - from US regulators for failing to have the right anti money laundering controls in place from 2004 until 2010.

Managers including Newton's Tineke Frikkee were among those hit as Britvic's shares fell as much as 17% yesterday, as the company revealed the recall on its popular Fruit Shoot drinks will cost up to £25m.

A number of fund providers are supporting the split of the Absolute Return sector into sub-categories based on strategy, which could see many vehicles in the Unclassified and Specialist sectors moved into the new groupings.

The FSA has written to fund houses requesting reports on whether their corporate bond funds could meet redemption demands, amid liquidity concerns in the fixed income market.

Mickey Morrissey, head of third party distribution at Liontrust Asset Management, has exited the firm.

Thames River Capital's Jeremy Charles has joined Old Mutual Wealth Management as chief operating officer.

GOSLING'S GROUSE

Neptune's Robin Geffen has revealed the ‘best of British brands' he backs in his £1.3bn Income fund which are soaring due to emerging markets consumer demand.

Invesco Perpetual's Stephanie Butcher has moved overweight Spain and added names from Ireland and Portugal to the European Equity Income fund, taking the view stocks are "too cheap" and investors are over-paying for core, defensive names.

Smith & Williamson Investment Management is to add to its fixed income range with a Medium-Dated Corporate Bond fund for Ian Kenny.