UK

Franklin Templeton's Ben Russon is to become lead manager of its £108m UK Select Growth fund next month as he begins to alter the portfolio following his move from Newton.

Marks & Spencer has reported a heavy fall in profits over the year to 30 March, despite rising sales across the group as a whole.

ON UK INCOME

Cazenove Capital's director of investment funds Robin Minter-Kemp is expected to exit Schroders after the two groups combine later this year, Investment Week understands.

QE

Martin Gilbert, the chief executive of Aberdeen Asset Management, has announced he is to resign from his role as chairman of beleaguered transport business FirstGroup, on the day the group also announced it is undertaking a rights issue.

BP has become the victim of a "shakedown" by US regulators and media as it attempts to resolve claims arising from the 2010 Gulf of Mexico oil spill, according to M&G's Tom Dobell.

IMA chief executive Daniel Godfrey says there is "no reason" why fund groups should not be able to agree a methodology for displaying costs more transparently by the end of 2013.

UK North Sea oil production represents a key opportunity for UK equity managers as capex increases and production ramps up, according to AXA Framlington's Nigel Thomas.

Hargreaves Lansdown shares closed above the £10 mark for the first time ever yesterday as investors continue to back the platform to excel in a post-RDR environment.