Markets

The European Central Bank has announced a surprise cut in interest rates to 0.25%, sending the single currency tumbling.

Schroders recorded third quarter pre-tax profits of £121.6m, it said today, a 37% increase from £88.6m in Q3 2012, as the impact of the acquisition of Cazenove boosted its numbers.

Bill O'Neill, head of chief investment office of wealth management research UK at UBS Wealth Management, has warned there are three key 'nasties and traps' to watch out on the way to global economic recovery.

The Henderson UK Equity Income fund - run by James Henderson - has changed its name and objective as part of an overhaul of the fund which removes its need to chase high yielding stocks.

Smaller companies fund favourite Moneysupermarket.com rose 16% in morning trading after announcing better-than-expected results.

Smith & Williamson Investment Management has merged its UK Growth fund and its Opportunities fund into the group's UK Equity Growth trust.

Barclays is to cut around 450 jobs in the UK, including a third of its private bankers.

Old Mutual Global Investors (OMGI) has reported rising net sales in the third quarter, which it attributed to strong flows into its new UK Alpha fund for former Schroders' head of UK equities Richard Buxton.

Invesco Perpetual has implemented a dilution adjustment to the price of Neil Woodford's Income and High Income funds, moving to bid pricing on both portfolios after a recent surge in outflows.

Mirabaud has launched a global bond fund for its head of convertible bonds Renaud Martin.