Chinese mainland shares have plummeted 6.5% as investors took profits, as a fresh squeeze on margin financing was blamed for the latest blip in the country's fierce equity rally.

Sterling has pulled back against the dollar after a second estimate of Q1 UK GDP growth failed to produce the upwards revision expected by economists.

Bob Woods, executive chairman of advice firm Mattioli Woods, is to pay out half the value of his 15.1% stake in the firm to his ex-wife under the terms of their divorce settlement.

European Wealth has announced plans to acquire financial planning firm ISM Solutions and further 'bolt-on acquisitions', after raising £2m through a share placement.

Aberdeen Asset Management is to acquire FLAG Capital Management in a bid to strengthen its alternatives platform and US offering.

Saga Investment Services, the recently launched financial planning business, has appointed Nicola Audhlam-Gardiner as managing director.

Fund buyers are debating whether to sell out of the £4.4bn Newton Asian Income fund following the departure of Jason Pidcock, while asking if he can replicate his success at Jupiter.

Newton Investment Management's Jason Pidcock is leaving the group to set up an Asian income strategy at Jupiter.

Kames Capital has launched two new absolute return bond funds to provide investors with more options as its flagship fund nears capacity.

WisdomTree has brought two of its flagship currency-hedged ETFs to Europe to offer investors the option to hedge exposure to the euro and the yen.