News

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

The FTSE 100 climbed in early trading in line with other major equity markets as the US Federal Reserve moved to taper its bond buying programme.

Deputy chief executive Andrew Laing has sold 1.17m shares in Aberdeen Asset Management two weeks after Martin Gilbert and Hugh Young also sold a large proportion of their holdings.

The Financial Services Compensation Scheme (FSCS) has begun contacting clients of failed firm Tailormade, which was a major distributor of troubled overseas property company Harlequin Property.

Scottish taxpayers will have to pay out £1.6bn a year to fund initiatives set out in the white paper on the country's independence which have not yet been allocated cash, according to Treasury figures.

Neil Woodford is to join forces with investment firm Oakley Capital when he leaves Invesco Perpetual next April.

US markets soared to new all-time highs on Wednesday as the Federal Reserve made a surprise early move to gradually scale back quantitative easing.

Legg Mason's chief executive Bill Miller is setting up a mutual fund under his own name, to be run together with his son as assistant fund manager.

Old Mutual Global Investors has moved Simon Murphy's £40m UK Opportunities fund to the IMA Targeted Absolute Return sector after merging its offshore and onshore versions.

Guy Opperman, Conservative MP for Hexam and secretary of the All Party Parliamentary Group on Arch cru, is "reluctantly" urging his constituents who lost money in the scandal to accept the compensation deal put forward by Capita.