UK

Jerry Devlin, former head of sales at Barings and liquidated firm Castlestone, has joined Macquarie.

Hector Sants has announced he is to quit as the head of the FSA in the summer.

Skandia Investment Group (SIG) has removed J.P. Morgan from its $350m Skandia Global Equity fund, handing the mandate to Five Oceans Asset Management.

The UK will lose its AAA credit rating by December, MAM Funds' Simon Callow has said, after Fitch became the second ratings agency to place the economy on negative watch.

MAM Funds is introducing a non-trail commission share class across its fund range ahead of the Retail Distribution Review.

THE KAY REVIEW

ON UK GROWTH

ON UK INCOME

Wealth manager Brooks Macdonald Group saw pre-tax profits jump by one-third in the second half of last year, and has hiked its dividend.

The asset management division of financial services group Close Brothers made a loss in the six months to 31 January, as it finalises a restructure which has seen it launch an advised service and includes plans for a direct-to-consumer proposition.