Economics

MAM Funds' Martin Gray is holding 40% in cash in both his multi-asset funds due to a "lack of opportunities" in markets.

Leading fund managers including RWC income duo Ian Lance and Nick Purves have removed US dollar hedges on their portfolios in the view the currency has bottomed, leaving them at odds with currency specialists who predict further falls.

CURRENCIES

Royal Bank of Scotland, the state-backed bank, has reported a loss of £528m in Q1 2011 after paying £469m to use the government's Asset Protection Scheme (APS).

Britain's economic growth will fall significantly short of official forecasts as government cuts take their toll, according to a leading think-tank.

JO Hambro Capital Management has acquired a Singapore-based boutique with the view to launch two Asian equity retail funds by late September, subject to regulatory approval.

Scottish Widows Investment Partnership (SWIP) contributed more than £4m last year toward compensating investors in failed investment company Keydata.

Declines in metals and other commodity prices have caused global indices to report losses for Tuesday and Wednesday morning.

Portugal's caretaker prime minister Jose Socrates has announced he has reached agreement on a bail-out from the EU and the International Monetary Fund.

Oil major BP has agreed a deal with the US Department of Justice to pay $25m following the Prudhoe Bay oil spill in 2006.