UK

Old Mutual is unifying its two UK asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group (SIG), into a single business with the view to rebrand under one name.

Royal Bank of Scotland could see £20bn wiped off its value if planned banking reforms go ahead, according to its CEO.

Drugs giant GlaxoSmithKline saw a modest increase in group revenue in the first quarter of 2012 as growth in the US, emerging markets, Asia Pacific and Japan offset declines in Europe.

Pharmaceuticals giant AstraZeneca said profits fell by more than a third in the first quarter after a number of patents ran out and it was hit by tough market conditions.

Adjusted profits at UK lender Barclays surged by over a fifth in the first quarter of 2012, well above expectations.

ON UK INCOME

Standard Life Investments (SLI) increased assets under management in its third party business to a record level of £76.1bn in Q1, as a result of demand for fixed income and GARS, as well as positive market movements.

BNY Mellon has appointed PeterPaul Pardi as global head of distribution.

Old Mutual Asset Managers' Christine Johnson, manager of the £483m Corporate Bond fund, asks whether investors would be sensible to hold 'risk on' and 'risk off' fixed income assets in the same portfolio.

Schroders is preparing to launch a fund of funds investing in a range of the group's own Maximiser and fixed income portfolios.