Fewer than 20% of actively managed US large cap equity funds assessed by Bank of America Merrill Lynch (BofA ML) have outperformed their benchmarks so far this year, the lowest level in a decade.

Founder and vice chairman of the Institutional Money Market Funds Association, Chris Oulton, has passed away at the age of 55.

Aviva Investors has hired J.P Morgan Asset Management's Xiaoyu Liu to its emerging market fund management team.

An investigation into Tesco's profit overstatement has uncovered evidence of "inappropriate behaviour" by staff, although the shortfall may be less than first feared, according to reports.

Paul Marriage's Schroder UK Dynamic Smaller Companies fund is to reopen to new investment on 20 October after assets fell to a more manageable level.

Mark Williams, manager of the Liontrust Asian Income fund, says the 6% fall for the Aussie against the dollar last month may just be the start of the bad news for the country's economy.