Multi-asset

Owning gilts has made the single largest contribution to recent performance of the £761m Miton Special Situations fund, and there is more money to be made in the asset class, said manager Martin Gray.

Distinction Asset Management has converted its Cautious Return fund into a multi-manager absolute return portfolio, managed by Armstrong Investment Managers.

BHP Billiton, the world's largest miner, said a deterioration in demand for commodities contributed to a 5.5% slide in half-year profits to $9.94bn (£6.25bn).

Seven Investment Management (7IM ) has launched an unconstrained fund with a charging structure that is discounted when performance is down.

ON SPECIALIST MARKETS

Wealth manager and stockbroker WH Ireland has launched a UK EIS Growth fund in partnership with Harcourt Capital, seeking to raise an initial £10m.

Glencore and Xstrata are in advanced talks about a $80bn merger that could reshape the mining industry.

Majedie Asset Management has closed its Tortoise hedge fund to new investors as assets approach the £350m mark.

Alex Jeffrey has joined M&G's real estate fund management arm PRUPIM as chief executive.

BlueCrest Capital is to list a feeder fund for its BlueTrend strategy, a systematic fund that trades across 150 global markets, on the London Stock Exchange this March.