Axa

THE BIG QUESTION

Bond managers have largely dismissed Friday's highly-anticipated European bank stress tests as a non-event, with the markets similarly showing a muted response in early trading.

Resolution says it will go ahead with a £2bn rights issue later this month even if the Axa deal falls through as the proceeds can be used to fund other acquisitions.

Axa Framlington's Nigel Thomas has boosted mid-cap exposure in his £1.6bn UK Select Opportunities fund on expectations of superior growth prospects for the FTSE 250 this year.

Fears Hungary will be the next European country to suffer a debt crisis are unfounded, and simply based on "political rhetoric", say Axa strategists Raphael Gallardo and Sebastian Paris-Horvitz.

A number of BP's largest shareholders - including Legal & General and M&G - have cut holdings in the troubled oil giant during its recent share price slide.

Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn.

Axa Rosenberg is to shut down its UK Small Cap Alpha fund as its assets have dwindled to £3m.

Axa IM has hired former Henderson New Star manager Nick Hayes to run its £54m Sterling Strategic Bond fund.

OPM Fund Management has seeded funds from JPM and Axa through its Balanced Managed and Fixed Interest fund of funds.