Claude Chene has joined Ignis as global head of distribution, taking over the responsibilities of outgoing sales and marketing director Jonathan Polin.

Martin Currie is to launch a global emerging markets fund as it moves the rest of its SICAV range to UCITS IV.

Ignis has hired Mark Holden to run its underperforming £122m UK Focus fund as the group continues to restructure its UK equity team.

The IMA has called upon the European Commission and the US Treasury to abandon proposals which will force fund managers to comply with derivative rulings from different jurisdictions depending on their investor base.

The FTSE 100 fell below the 6,000 level in mid-morning trading as European markets absorbed Moody's downgrade of Portuguese debt to 'junk' status.

Moody's has downgraded Portuguese debt to 'junk' status on fears it will need a second bail out just months after it received €78bn.

Sarasin & Partners has re-domiciled its $1bn Guernsey unit trust range to Dublin to make use of wider investment powers under UCITS IV.

Abnormal volatility in European markets is set to continue despite moves by Greece to overcome hurdles after passing its austerity package last week.

Debt-laden Greece could drag the whole eurozone into a "vortex of default, bankruptcy and an economic slump", Threadneedle's Leigh Harrison has warned.

Nervous markets were further soothed yesterday as Greek MPs passed a law to implement strict austerity measures in a second round of voting.