Equities

US markets soared to new all-time highs on Wednesday as the Federal Reserve made a surprise early move to gradually scale back quantitative easing.

Legg Mason's chief executive Bill Miller is setting up a mutual fund under his own name, to be run together with his son as assistant fund manager.

Old Mutual Global Investors has moved Simon Murphy's £40m UK Opportunities fund to the IMA Targeted Absolute Return sector after merging its offshore and onshore versions.

Investec Asset Management's John Stopford, manager of the Diversified Growth fund, outlines his five themes for investing for income in 2014, including a cheap dollar, inflation disappointment, and opportunities in EMD.

A year hyped as the start of a great rotation from bonds into equities actually saw more of a trickle out of fixed income, but it was not plain sailing for bond funds.

ON EUROPE

Since the news Neil Woodford is leaving Invesco Perpetual next year, investors have been prompted to review their asset allocation in the equity income space.

GLG has soft-closed its Market Neutral fund managed by Steve Roth after inflows took the strategy beyond $1bn (£610m) in size.

ON THE US

ON UK EQUITIES