Investment

Does the govt want to resurrect banks' advice role?

Allianz Global Investors is to close its EcoTrends fund in October, while in a separate move it will add the label 'multi asset' to its RiskMaster range.

The government has reduced its stake in RBS by 5.4%, selling 630 million shares for £2.1bn in a quick-fire sale to institutional investors.

Shares in Standard Life fell 3% in early morning trading as half yearly results revealed a drop in annuities sales had hit the Edinburgh-based group's profits.

Nikko Asset Management has expanded its global fixed income team with the hire of fund manager Holger Mertens from Lazard.

L&G Investment Management (LGIM) has promoted Andrzej Pioch to co-fund manager on the multi-index fund range run by Justin Onuekwusi.

Tilney Bestinvest's 'Dog List' of consistent underperformers has fallen by over a third since January, from 60 funds to 37.

The Investment Association has unveiled a 10-point Statement of Principles to help firms put clients' interests first, which has been signed by 25 asset management firms.

The Financial Conduct Authority (FCA) has appointed a new director of supervision to replace Tracey McDermott, who will step up to acting CEO in September.

Financial services lobby group TISA has pledged to bring greater clarity to the discussion on what the incoming European Markets in Financial Instruments Directive (MiFID II) will mean for advisers and providers.