Enzo Puntillo, head of fixed income at Swiss & Global Asset Management, moved out of 30-year treasuries last month in his Julius Baer Total Return Bond fund as market fears grew about the possible tapering of the Federal Reserve's QE programme.

The FTSE 100 has slumped 3%, gold has dropped 5% and gilt yields have spiked to their highest level in over a year as the prospect of an end to US QE rattles markets.

Markets across the globe tumbled overnight after the US Federal Reserve announced it may slow down asset purchases by the end of the year.

Morningstar OBSR's investment services director Peter Toogood and head of investment consultancy Gill Hutchison are set to leave the firm.

Richard Plackett has bought back into UK banks for the first time since the financial crisis in his BlackRock UK Special Situations fund as the sector begins to show signs of improvement.

Justin Onuekwusi, former lead manager on Aviva Investors' multi-asset funds, is to join Legal & General.

Emerging market debt suffered its worst weekly sell-off for nearly two years in June, as investors reduced local currency exposure in anticipation of a rising dollar.

Bookmakers have already set odds on who will replace Stephen Hester at the helm of RBS, following his shock resignation announcement yesterday.

Gordon Grender, manager of the GAM North American Growth fund, is holding a fifth of his portfolio in cash as he struggles to find attractive valuations in the US market.

The continued weakness of sterling against the US dollar has prompted fund buyers to move out of sterling-hedged share classes and into unhedged or dollar-denominated positions.