News

Platform Novia has seen its profits before tax jump by more than a fifth in 2012, after assets climbed sharply to rise above £1.4bn.

Over the past month losses have racked up across bond sectors after comments from the Federal Reserve signalling the end of quantitative easing spooked global markets.

Polar Capital has hired Deane Donnigan and David Pinniger to work within its healthcare team in an effort to increase the range of the group's products in this area.

Axa Portfolio Services - the parent company of the Axa Elevate platform - has reported a pre-tax loss of £29.9m for the year ending 31 December 2012, representing a 10% improvement on the £33.5m loss recorded for 2011.

Ross Porter, a co-manager of the €6.32bn emerging market focused Skagen Kon-Tiki fund, has decided to leave the group after 13 years.

Gold is likely to suffer from further sell-offs in the short to medium term as investors remain focused on an end to quantitative easing, Steve Russell, investment director at Ruffer, has said.

Goldman Sachs and Morgan Stanley have downgraded a number of asset management firms on fears some fund groups will see net outflows for the second quarter of this year.

Fund managers have identified a buying opportunity for Lloyds Banking Group shares, following Chancellor George Osborne's announcement the government will start selling off its 39% stake in the bank.

Former Chancellor Alistair Darling, who oversaw the bail-out of RBS and Lloyds in 2008, has urged the government to avoid a rapid disposal of taxpayers' stakes in the banking giants.

The FTSE 100 has halted its two-day slide as investors buy back into equities following yesterday's sharp sell-off, with Lloyds and other financials leading the pack.