Markets

Annualised US GDP growth for Q4 2013 has been revised down from 3.2% to 2.4% at the second estimate, with worse-than-expected personal consumption figures to blame.

Major UK financials were in the doldrums today, with both Royal Bank of Scotland and Standard Life sharply lower in early trading following updates from the businesses.

Insurer and asset manager Standard Life reported a 13% dip in pre-tax profits for 2013, despite strong inflows.

Standard Life has put contingency plans in place to relocate its operations should Scotland vote for independence.

The Royal Bank of Scotland has made an £8.2bn loss in 2013, as it struggled with the burden of regulatory fines and splitting up the business.

Activist US hedge fund Elliott Associates has upped its stake in F&C to 11% ahead of the asset manager's planned £708m takeover by Canada's BMO.

Jupiter saw its AUM hit a new record in 2013, driven by strong flows into several key funds.

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Asset manager River and Mercantile is to merge with investment consultancy P-Solve, part of the Punter Southall Group, and is planning an IPO to fund its growth plans.

The UK economy grew at 0.7% in the final quarter of 2013, official figures confirmed today, in line with the preliminary estimate, although 2013's overall growth rate was revised down.