Markets

The cost of its contribution to the Financial Services Compensation Scheme has cost Charles Stanley 40% of its pre-tax profit in the last half-year.

Aviva's programme of job cuts, which will see 800 staff made redundant, is on track to save the insurer £250m by the end of the year, according to latest results.

Schroders has reported a fall in pre-tax profits for the year to September and warned of a slowdown in its institutional business, although its intermediary arm has offered a boost.

The S&P 500 has opened down 1.4% and the Dow Jones Industrial Average has shed 200 points in the first trading session after President Obama's election victory.

MAM Funds' Simon Callow has been adding risk back into his £190m CF Midas Balanced Growth fund over the last quarter as policymakers work to steer the eurozone into recovery mode.

Matrix Group has been placed into administration, and parts of the business are already in the process of being liquidated.

The FTSE 100 is approaching an 16-month high today as investors around the globe welcomed Barack Obama's US election victory.

Old Mutual said it is "progressing well" with plans to build Old Mutual Wealth into a leading wealth management business, but is taking further steps to address its cost base.

London's financial sector will slash 13,000 jobs next year, and bring job levels to a 20-year low in 2014, according to a forecast study.

Aviva Investors' Andrew Lake is set to join Mirabaud Asset Management in the new year.