Markets

Former Neptune manager Nicola Muirhead has joined River & Mercantile Asset Management to work on its global equity team.

Societe Generale's former trader Jerome Kerviel has had his appeal quashed by a French court which also said he is liable for the €4.9bn he lost the bank.

David McCorkell, head of investment management at Brewin Dolphin, has retired with immediate effect.

Markets across the US and Asia closed sharply lower overnight as investors switched to risk-off mode en masse.

Facebook, the social networking giant, saw its shares jump 14% after the US market closed yesterday following an update from the group which showed a major revenue boost from mobile ads.

Investors across Europe and the US are in flight-mode this afternoon, with US markets opening sharply lower as the weak corporate earnings season continues to plague sentiment.

European equities are failing to bounce back from yesterday's falls this morning as poor earnings and macro concerns hit home.

ETHICAL

Oliver Brind has joined Walker Crips as a director on the investment management team.

The senior regulator who will be in charge of supervising banks has warned that institutions will still be allowed to fail, despite more rigorous oversight of the businesses under the new regime.