Managed funds

Former Santander multi-manager Keith Speck has joined RSM Tenon Financial Management.

The Aberdeen multi-management team has begun to build up exposure to developed regions, with a skew towards UK equity funds.

The first month of 2011 has already seen developments for AXA's multi-manager firm Architas, with Caspar Rock becoming chief investment officer in January.

ON ASSET ALLOCATION

Mark Harris and Craig Heron have left Henderson following a shake-up of its multi-manager range.

Thames River's multi-managers have been cutting exposure to ‘bubbly' Asia in favour of Europe as they tidy up the portfolios inherited from F&C.

The Royal Bank of Scotland (RBS) is making its first foray into retail fund management with the launch of cautious managed and balanced managed portfolios.

ON ASSET ALLOCATION

Standard & Poor's has downgraded Japan's sovereign debt rating to AA- from AA as the group expects the country's fiscal deficit to remain high in the next few years.

The Dow Jones broke through the 12,000 level for the first time since June 2008 on Wednesday, following calls for a cut in corporate taxes and a unanimous vote by policymakers to maintain a $600bn bond-buying plan.