News

Investec is planning to switch Alastair Mundy and David Lynch's £100m Capital Accumulator fund from a zero dividend fund into a high conviction stock-picking portfolio, Investment Week understands.

Brooks Macdonald's asset management business has acquired Jersey-based DPZ in a deal that will add a further £360m to its discretionary AUM.

The Co-operative Group is expected to announce pre-tax losses of between £2bn-£2.5bn this week as its financial woes continue.

Bond managers have been slashing exposure to contingent convertible debt - a key source of alpha for fixed income funds in recent months - as yields begin to fall and an avalanche of issuance appears on the horizon.

M&G's Stuart Rhodes is running a record low number of stocks in his £8.5bn Global Dividend fund, having sold many US holdings on valuation concerns, as he begins to look to new regions for yield plays.

US equity fund managers have begun cutting their exposure to technology stocks as the highly-rated sector falls out of favour with some investors following a long winning streak.

The Investment Management Association is planning an industry standard for how fund groups disclose turnover costs, it has emerged.

The FTSE 100 was down over 1% by 11am, with Hargreaves Lansdown leading the market lower after being downgraded by Morgan Stanley.

The Investment Management Association is to merge with the Association of British Insurers' investment affairs unit in a bid to give fund managers a single, stronger representative voice.

The Nasdaq index suffered its worst day since 2011 yesterday, dropping over 3% as investors continued to switch out of technology and biotechnology holdings.