Ignis

Brokerage firm Canaccord Genuity says shareholders should vote against the merger of F&C Commercial Property trust (FCPT) and the UK Commercial Property trust (UKCPT) because it is not in investors' interests.

Ignis head of credit portfolio management Chris Bowie is using the strong rebound in risk appetite today to accelerate the group's de-risking in credit markets.

Europe ex UK sector sees outflow of £126m as retail investors turn away from region

UK GROWTH

Ignis plans to exchange up to £40m in subordinated Northern Rock debt after the nationalised bank outlined plans to buy back the bonds at more than double previous trading levels.

F&C is hoping to prevent its Commercial Property trust (FCPT) being merged into the UK Commercial Property trust by offering an alternative deal.

Ignis' Chris Bowie removed the group's entire credit exposure to BP last week, claiming there is not enough clarity on the oil giant's current turmoil.

The UK 10-year gilt yield fell below 3.5% yesterday as investors continued to move out of the troubled eurozone.

Government bond yields have continued to dive today as ‘fear' grips global risk assets.

FUND MANAGER FOCUS