Global

City veteran Terry Smith has today launched a high-conviction and low-cost equity fund he believes to be ‘unlike any other product' in the retail market.

CURRENCY VIGILANTES

Skandia's flagship Global Dynamic Equity fund has reached £1bn in size 18 months after launch.

Janus Capital International has launched the Perkins Global Value fund, its second new offering in a month.

Premier's new Environmental Power & Water fund is likely to launch with an overweight to Asia. The new fund, which is a conversion of the existing 20m UK Smaller Companies portfolio, launches on 1 November.

Rathbones head of multi-asset David Coombs plans to access the Chinese growth story indirectly by doubling his exposure to the Baring German Growth Trust.

Dighton Capital Management, specialists in managed futures funds, has moved all of its $230m assets under management into cash due to "considerable" market uncertainty.

Germany has agreed to give the EU's €440bn (£383bn) bail-out fund permanent status rather than letting it expire in 2013 as planned.

A poor session in Asia this morning and unconvincing display on Wall Street overnight weighed on the FTSE 100 as it opened four points down at 5,673.

The interest rate rise in China last week, which initially unsettled global equity markets, has been seen by managers as a positive move for the sustainability of the burgeoning economy.