The Investment Management Association (IMA) has proposed scrapping the Active, Balanced and Cautious tags and merging the Absolute Return sector into a new managed sector, in its review of the Managed peer groups.

The UK economy grew at 0.5% in Q1, in line with previous estimates, according to Office for National Statistics (ONS)figures.

The FTSE 100 was down in early trading as ongoing uncertainty about the Greek bailout hit markets and sent the euro lower against the dollar.

The US Treasury is to sell part of its majority shareholding in failed insurer AIG.

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Dale Spencer, chief economist at the Bank of England, said interest rates in the UK should rise even though the economic recovery has failed to take hold, according to the Financial Times.

M&G's top-performing fund manager Stuart Rhodes has bought into parent company Prudential as the firm raised its dividend by 20%.

The board of Alliance Trust said it is now hunting for a new chairman after Lesley Knox announced she is stepping down.

London shares moved higher in early trading, reacting to overnight gains in the US which benefitted from the successful IPO of social networking powerhouse LinkedIn.