A report out today from Morgan Stanley forecasting harsh dividend cuts by European banks has left equity income managers largely unfazed as many have already reduced exposure to the sector.

OBSR has suspended its 'A' rating for Aviva Investors' $1.9bn Global Convertibles fund following the news manager Tom Wills is leaving.

The FTSE fell in early trading, dragged down by negative market sentiment towards resources firms.

Thames River Capital is launching a Ucits-compliant European Real Estate Equities fund for the end of March.

Franklin Templeton Investments is to open its offshore Emerging Markets Bond fund to UK retail investors for the first time.

Artemis, Invesco Perpetual and Neptune have taken the podium in Principal Investment Management's list of the best equity income funds.

The major UK banks are falling as the market absorbs the wider implications of Barack Obama's plans to keep US banks on a tighter leash.

Niall Paul, chief investment officer of equities at Aviva Investors in London, is leaving the firm after 11 years.

Fund managers believe Barclays, HSBC and Royal Bank of Scotland are the UK banks most likely to suffer if the latest US plans to curb risk taking in the sector are effected.

Paul Harvey is to leave the multi-manager unit he set up at GLG Partners.