Financial services

CONTRARIAN

Bank of England policymaker Adam Posen will step down from the Monetary Policy Committee (MPC) on 31 August when his three-year term comes to an end.

J.P. Morgan Chase's CIO unit - the arm at the centre of a $2bn trading loss - has more than $100bn invested in asset-backed securities and structured products, according to reports.

Allianz Global Investors has today launched a range of four risk-graded portfolios, the Allianz RiskMaster funds.

The FSA has fined Swiss bank Habib AG Zurich £525,000 for failing to establish and maintain adequate anti-money laundering systems.

FATCA

A group of hedge funds, including those run by Odey Asset Management, had a combined $1bn invested in JP Morgan Chase which suffered a near 10% drop in its share price on Friday.

Standard Life will roll out RDR-friendly charging structures across its key retail product lines this year, in a move which will see the provider pass fund manager rebates back to new clients on its fund supermarket, FundZone.

Hargreaves Lansdown has said it "intends" to remain independent after the Retail Distribution Review (RDR).

The Financial Ombudsman Service (FOS) has ruled against an adviser who recommended clients invest in cells of the Stirling Mortimer fund range.