News

Schroders will build a multi-manager arm to rival John Chatfeild-Roberts' Jupiter Merlin range once Cazenove's Marcus Brookes and Robin McDonald join the firm, global head of equities Peter Harrison has said.

Jupiter's Gregory Herbert has been promoted to manage the group's European Income fund, taking over from Cédric de Fonclare.

Standard Life is to press fund managers to launch cheaper share classes for large platforms including itself, after HM Revenue & Customs said it would apply income tax to unit and cash rebates.

Legal & General has acquired the remaining 75% of Cofunds it does not currently own, in a deal worth £131m.

GOSLING'S GROUSE

The UK's five major banks could see their profits take a significant hit in 2012 as regulatory pressures and a series of recent scandals take their toll, according to KPMG.

The Governor of the Bank of England has said the financial crisis is "far from over" as he joined fellow central bank chiefs including Ben Bernanke to discuss economic policy.

One in ten advisers are now restricted compared with one in 30 in Q4 2012, and this will increase to one in six by the end of the year, research predicts.

Threadneedle's Simon Brazier and Artemis' Tim Steer have been buying up shares in Daily Mail & General Trust as they back the business' under-recognised strengths to flourish.

Legal & General has agreed to acquire the 75% share capital of Cofunds which it does not already own, for a cash consideration of £131m.