Prominent bond fund managers paint a gloomy picture of Western government bonds.

In early trading, the FTSE was steady as a response to President Obama's statement on banking regulation, rising 0.1% to 5343.23, however financial stocks fell as UK markets opened.

RWC Partners has hired Lakshman Harendran to its convertible bond team, which had been depleted after the unexpected departure of lead manager Miles Geldard in November.

Thames River Capital has hired Dahlia Verjee as a senior trader on its global credit team.

UK pharmaceuticals rose in early trading after speculation mounted President Barrack Obama's healthcare reforms could be thwarted by the Republicans.

Greece is "about to dive into a Great Depression", according to emerging markets specialists at GLG Partners.

Valuing emerging markets relative to G10 counterparts has fundamentally and permanently changed according to GLG Partners.

Assets at Cazenove Capital Management rose by 27% last year, aided by large inflows to its Absolute UK Dynamic fund in September.

GAM has hired from rival Cantillon Capital Management to build its long-only European equities team.

Newton Investment Management is renaming its Equity & Bond fund and lowering its equity exposure.