Markets

Peter Webb, the manager of the two worst-performing funds of 2012, has described his frustrations in trying to sell many of the "illiquid" positions he inherited on the portfolios, and his hopes for a turnaround in performance this year.

Global equities are rallying hard as strong data from China and a deal to avert the US fiscal cliff give cause for optimism.

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A leading thinktank has urged the government to take drastic steps to stimulate economic growth in the UK, as another forecast a 50/50 chance of a triple-dip recession.

Lloyds Banking Group helped the FTSE 100 gain 6% over 2012 and reverse the losses of the previous year.

Asian markets received a New Year's boost as the US House of Representatives passed a last minute deal to prevent the US falling over the fiscal cliff.

The Financial Services Bill, which will deliver fundamental reform of financial regulation in the UK, has received Royal Assent.

Invesco Perpetual global equity income managers Paul Boyne (pictured) and Doug McGraw have left the group to take up new roles at a North American firm.

London's blue chip index approached its year-high in morning trading, with banking shares among the best performers, as hopes for a resolution to the US fiscal cliff boosted sentiment.

HMRC has released further guidance on the UK's plans to implement the FATCA tax regime, which begins next year.