Updated: The FTSE 100 got off to a weak start on Friday but stablised by mid-morning following efforts in several European countries to calm volatility in share trading.

Premier Asset Management is proposing to wind up its China Opportunities fund after it failed to attract sufficient assets.

Aegon Asset Management's new hire, Stephen Snowden, has warned the Italian bond market could face a Northern Rock-style collapse if investor sentiment weakens further.

Heavy losses in the battered US markets have spread to the UK and sent the index of 100 leading shares down more than 3%.

The FTSE 100 is in the black in early trading after falling 1% on opening, after S&P's downgrade of US debt sparked a further share sell-off across the globe.

Fitch Ratings, the US fund rating service, is to launch a fund rating service covering UK funds as part of a new offering aimed at professional investors.

US jobs data provided some much needed respite for investors on Friday, after the latest figures beat estimates.

M&G, the asset management arm of insurer Prudential, saw profits rise 39% in the first half of 2011 despite a sharp decline in inflows.

Banking and asset management giant Investec has confirmed it has made an offer for Williams de Broe owner Evolution Group.

US markets yesterday managed to recover some of their losses from the previous seven days as better than expected jobs data boosted sentiment.