Prudential

Jupiter's Philip Gibbs has rebuilt a strong stake in insurer Prudential, just months after offloading the stock over its proposed AIA takeover.

UPDATE 12pm: The FTSE 100 index has climbed almost 1.6% in morning trading after strong late gains overnight on Wall Street.

AIG, the insurer that received £119bn in emergency funding during the financial crisis, is expected to appoint former Pru CEO Mark Tucker as head of its Asian business, AIA.

Leading City investors are plotting to force Prudential chairman Harvey McGrath out before the beleaguered insurer's half-year results on 12 August, according to reports.

The FTSE hit a new intra-day low for 2010 in early trading on Thursday following murmurs ratings agency Moody's may downgrade the triple-A sovereign ratings on Spain.

Prudential has refuted suggestions Fidelity called for its management to quit over its failed Asian takeover bid.

Fidelity International, one of the largest investors in Prudential, is calling for the resignation of chairman Harvey McGrath.

Robin Geffen, the leader of the revolt against Prudential's $35.5bn bid for AIA, has labelled the insurer's bosses "petty-minded" after claming he is being frozen out of talks with management following the collapse of the deal.

J O Hambro Capital Management's Clive Beagles has increased his exposure to domestic life insurers, which he believes have been 
ignored by the market since Prudential announced its doomed AIA deal.

Fidelity and LGIM, both large shareholders in Prudential, are among a number of asset managers set for showdown talks with the insurer's directors next week.