MAM has unveiled plans to revamp its Midas Income & Growth trust, headed up by the group's chief investment officer Alan Borrows, which will see the trust cut its dividends.

Standard Life Investments' Euan Munro, head of multi-asset investing and fixed income, has outlined the key trades the group's £8.8bn Global Absolute Return Strategies (GARS) fund is set to make next year.

Neptune Investment Management is launching a best ideas China fund which will be co-managed by founder Robin Geffen, and fund managers Douglas Turnbull and Adam Kelly.

Gilt yields hit a new record low by mid-afternoon as investors continued to buy up UK debt amid concerns the European Union has not done enough to avert a financial meltdown.

The UK's leading share index shed almost 100 points on Monday, with shares across Europe and the US also plunging, as investors fretted over the outlook for Europe once again.

Britain's relationship with Europe has been dealt a further blow as the nine European states who last night opted not to sign up to the new European treaty have had a change of heart.

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The hedge fund industry is in line to post its second worst year since 1990, with returns only lower during 2008, according to data from Hedge Fund Research.

Credit rating agency Moody's has downgraded three of France's largest banks, warning their creditworthiness has been damaged by the European debt crisis.

Legal & General Investment Management is planning to merge two income offerings into its £53m Managed Monthly Income fund, run by Michel Canoy.