Invesco Perpetual's Global Targeted Returns fund has pulled ahead of its main competitor in its first year of existence, prompting fund buyers to reconsider their options in the absolute return space.

Mike Felton, manager of the £724m M&G UK Growth fund, is finding some of the best value investment opportunities in the resources sector, saying most of the UK market looks overvalued.

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Hargreaves Lansdown has removed the £1.7bn Kames High Yield Bond fund managed by Phil Milburn (pictured) from its Wealth 150 list, pointing to concerns over the asset class in general.

UK GDP growth in Q2 has been revised up marginally by the Office for National Statistics (ONS).

Passive fund providers are under renewed pressure to reduce the cost of investing in their funds, following a move by Fidelity Worldwide Investments to cut fees on its index tracker range.

Invesco Perpetual is set to back the acquisition of Moneybarn by peer Provident Financial, in which it holds a 20% stake.

Markets across Asia and the US climbed on Thursday, following a bout of soft economic data which saw retail sales in the US stall.

Schroders is set to merge its Global Climate Change fund into the QEP Global Core fund at the end of September.