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Schroders today announced it is in talks with Cazenove Capital about a potential takeover of the group, as the FTSE 100 giant moves to fill a Richard Buxton-shaped hole in its UK equity desk.

At first glance, Schroders' confirmation that is in talks to acquire Cazenove Capital makes perfect sense.

This morning it emerged Schroders has entered bid talks to acquire Cazenove Capital.

Schroders is in talks with Cazenove Capital over a possible acquisition of the boutique.

As advisers digest last week's revelation that top UK fund manager Richard Buxton is to exit Schroders after more than a decade at the group, attention is now turning to where to invest next.

The situation in Cyprus could have a far more negative impact on the credit market than it has so far, Kames Capital's Melanie Mitchell has said.

Japan's Nikkei index experienced its biggest fall since November as concerns about Cyprus and the eurozone continued to batter markets.

Ignis Asset Management saw profits fall by 6% and AUM come down nearly £5bn in 2012, as the renegotiation of its joint venture deals impacted the business in a "year of significant change".

London's leading share index had lost 1% by mid-afternoon, weighed down by weaker than expected manufacturing and services data in the eurozone.

It took a brave asset manager to launch a European equity fund in the autumn of 2011.