Managed funds

Threadneedle is to close its Worldwide Select multi-manager fund, one of the range that it acquired from LV= in 2011.

Steering clear of the asset gatherers

It should be plain sailing for investors in shares this summer. The world economy is growing this year, and should do so again next year at a reasonable pace.

Passive fund providers are under renewed pressure to reduce the cost of investing in their funds, following a move by Fidelity Worldwide Investments to cut fees on its index tracker range.

Barings has hired two former Schroders managers to strengthen its investment team after multi-asset managers Andrew Cole, Percival Stanion and Shaniel Ramjee quit the group.

Invesco Perpetual has hired Danielle Singer from UBS to become the eighth member of its multi-asset team.

John Duffield's Brompton Asset Management has hired a new head of multi-asset to spearhead a drive into the sector.

Threadneedle has launched a Global Multi Asset Income fund, to be managed by Toby Nangle, as it seeks to provide an alternative vehicle for retirement assets.

FUND GROUPS

MULTI-ASSET