Industry

All 12 funds to be renamed Man GLG

Former pensions minister Steve Webb has confirmed he is to join Royal London as director of policy and external communications.

The first six months of 2015 have been a tale of two halves for asset managers, as some noted record inflows while others saw investors heading for the exit in droves.

The Targeted Absolute Return retook its place as the UK's best-selling sector in June as investors sought reassurance in choppier markets.

Aberdeen Asset Management has been hit with fresh outflows of £9.9bn in the three months to the end of June, as investors continued to reduce exposure to Asia and emerging market equities.

Credit Suisse's new chief executive Tidjane Thiam has suggested the bank is considering acquiring smaller asset managers.

Shares in Apple, the world's largest company by market capitalisation, moved almost 7% lower in after-hours trading after quarterly results disappointed.

Assets invested in exchange traded funds (ETFs) around the world surpassed those invested in hedge funds for the first time in Q2 2015, according to research firm ETFGI.

Research firm FundCalibre has launched a new ‘elite provider' rating, with 17 funds gaining the title.

Barclays chief executive Antony Jenkins is to leave the bank as the board of directors calls for a change in leadership with a "new set of skills".