News

Equity funds experienced their highest ever outflows of retail money in November as investors pulled out their cash in droves amid the ongoing eurozone crisis.

The art market posted stellar returns in 2011, with the Mei Moses All Art index returning 11%, outpacing leading equity indices.

Falling business volumes and income meant asset managers saw profits drop for the first time since the second quarter of 2009 in the final three months of last year.

The IMA could be ready to launch its delayed fourth Managed sector in the coming months, following a pick-up in interest from fund groups.

Fund launches reached a decade low last year as groups held back new products in the face of market volatility.

Swiss National Bank chief Philipp Hildebrand will be grilled today by MPs over a currency trade his wife made just three weeks before the bank capped the value of the Swiss franc.

THE EURO

David Cameron has vowed to veto a European-wide financial transaction tax unless it is imposed globally.

The head of RBS's embattled investment bank is in line to receive a special bonus this year of more than £4m, as the bank begins a sell-off of the division which could threaten 10,000 jobs.

The coalition government is to abandon plans to scrap the 50p top rate of tax despite rising pressure from business leaders.