Fidelity

Money market funds in the US are building up liquidity as fears of a downgrade or default on the nation's debt intensify ahead of debt ceiling vote.

Asset allocators are selling down equities to cut risk exposure as markets digest the EU's solution to the Greek crisis, and US debt fears persist.

Managers have welcomed the €109bn bailout plan for Greece agreed by European leaders yesterday, saying although sovereign debt crisis is not over, the latest plans are a step towards a solution.

Fidelity's US manager Aris Vatis backing US financials after claiming they are trading at rock bottom levels.

Old Mutual Asset Manager's Stewart Cowley and Fidelity's Trevor Greetham have clashed over the success of the measures being undertaken to aid the recoveries in the UK and US.

ON BONDS

Anthony Bolton, veteran investor and manager of Fidelity's £635m China Special Situations investment trust, has tipped the long-running bull market in gold to continue amid ongoing economic woes across the globe.

Anthony Bolton's China Special Situations investment trust saw performance take a hit from the cost of options he took out to protect against the political situation in Korea.

Alliance Trust has appointed Ilario Di Bon, former manager of the Fidelity Global Opportunities fund, as its global head of equities.

Fidelity has launched an onshore OEIC version of its $700m Emerging Asia fund, run by Teera Chanpongsang, after three years of outperformance from the offering.