Trade body's recommendations to explain charges more fully are unlikely to be adopted across the board.

Dan Kemp has left his role as partner and fund manager at Saltus Partners, Investment Week understands.

PIMCO's Bill Gross has said US debt to GDP could accelerate towards 800% over the next five years if all actual liabilities are taken into account.

Investors continued to exercise caution in their asset allocation in May, with bond and money market funds the most popular and equity funds seeing their first net outflow in 2012.

The IMA has called upon groups to enhance transparency on fund charges across all investor-facing documents, as well as giving a more prominent position to the ‘ongoing charge' and provide details of transaction costs.

FUND CHARGES

Markets were unfazed by the hefty fines facing financial institutions and posted gains around the world overnight.

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

Annual costs have reduced returns of the average equity fund by 27.9% over a ten-year period, a Lipper report has revealed.

The Federal Reserve may have held back from unleashing a third round of quantitative easing as a joint central bank effort from around the globe may be around the corner, according to North Investment Partners' John Husselbee.