UK

The Co-operative group has reported a record loss of £2.5bn after a "disastrous year" during which its banking division and the wider group came close to collapse.

Bond managers are becoming more bearish on peripheral Europe corporate debt, turning to core names and the US as spreads tighten to post-crisis lows.

Aviva Investors has confirmed the hire of Mark Versey, former chief investment officer at Friends Life, as director of client solutions.

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Brooks Macdonald's asset management business has acquired Jersey-based DPZ in a deal that will add a further £360m to its discretionary AUM.

The Investment Management Association is to merge with the Association of British Insurers' investment affairs unit in a bid to give fund managers a single, stronger representative voice.

Jupiter has reported net inflows of almost £550m in Q1 and hired former Kames distribution head Martin Harris to lead its institutional business.

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