North America

US markets fell this morning after a surprising comment by US Federal Reserve chairman Janet Yellen that interest rates would rise in 2015.

BNY Mellon Fund Managers is changing the name and investment remit of the BNY Mellon American fund, managed by its US subsidiary the Boston Company Asset Management.

Markets have rallied today following the Federal Reserve's move to scale back its quantitative easing programme as the US economy recovers.

Christine Lagarde, head of the International Monetary Fund, has sparked fears over the impact of a US default, warning it could cause a global recession.

US markets had their best day of the year so far yesterday, with all three major indices rising by more than 2%, after politicians took a step towards agreeing a deal on the country's debt ceiling.

Ratings agency Moody's has said it expects US politicians to reach an agreement on the country's debt ceiling, with a default "extremely unlikely".

Rathbones Unit Trust Management has selected five US equity funds that can add value at a time when many managers are struggling to outperform the S&P 500 index.

Tom Walker has handed over management of the Martin Currie North American fund to his co-manager Penny Kyle.

M&G has appointed Daniel White as manager of the £120m M&G North American Value fund, replacing Richard Brody.

US-based Janus Capital has replaced the manager of its US Twenty fund Ron Sachs, who will exit the group this month.