UK

The decline in UK GDP growth in the first quarter of 2012 was today revealed to be worse than expected, after the Office for National Statistics reported fall of 0.3%.

Last week it was announced Richard Saunders, the chief executive of the Investment Management Association (IMA), is stepping down after a decade overseeing the trade body.

Hedge fund veteran Crispin Odey has given his take on the "depressing story" playing out in the eurozone, suggesting beleaguered Europe and the resilient US could move in very different directions.

ON ASSET ALLOCATION

Skandia Investment Group (SIG) has warned fund management groups which have integrated risk-rated tools into existing multi-asset propositions they are in danger of ‘misleading' investors.

Leading asset managers are calling for drastic changes to the way the IMA operates, with some arguing the trade body should no longer be responsible for sector names or definitions.

AUSTRALIA

SMALL CAPS

Former Close Asset Management executives have launched a property and tax planning investment management business called TIME Investments.

The UK's unemployment rate showed a surprise fall from 8.3% to 8.2% in the first quarter, according to the latest figures from the Office for National Statistics.