France's AAA credit rating is "stable" said ratings agency Standard & Poor's, a week after rumours hit the market the country is facing a downgrade.

Argonaut Capital Partners has confirmed it will split off from Ignis Asset Management, with Ignis retaining a 40% stake in the boutique.

Shareholders in the £38.5m Thames River Credit Select fund have voted to allow the manager to increase exposure to emerging market debt by up to 40%.

Henderson is to close the offshore version of Charlie Awdry's China Opportunities fund following a redemption from a significant shareholder.

Jonathan Polin is to join Ashcourt Rowan as group CEO on 2 September.

Asian shares rose for a third day but closed lower than expected as European leaders failed to reveal specific plans to tackle the debt crisis after a meeting yesterday.

Banks added to market woes last week with the UK's major players reporting a raft of losses prompted by PPI claims and the European debt crisis.

Royal Bank of Scotland has blamed the European crisis and PPI claims for £1.4bn losses in the first half of 2011.

Jupiter's Guy de Blonay has called for European authorities to take further action in supporting markets or the sovereign debt crisis will spread to other eurozone economies.

The European Central Bank (ECB) has voted to hold interest rates and will boost liquidity in the eurozone in an attempt to prevent the sovereign debt crisis from spreading to Italy and Spain.