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Insurance giant Friends Life has hired the former LV= fixed income team to run portfolios at its new asset management business.

The Bank of England has overestimated the impact of quantitative easing on gilt yields, the Bank for International Settlements (BIS) has said.

Royal Bank of Scotland(RBS) nearly collapsed in 2008 because of poor management, inadequate regulation and a flawed supervisory system, a Financial Services Authority report published today says.

After a momentous year for government debt, during which it far outstripped the majority of asset classes, managers have moved to take profits from positions in several major debt markets.

Actions taken by the European Central Bank this week, combined with the EU's efforts to sign a new treaty, have made it too risky to be underweight bank bonds in Europe, Kames Capital's fixed income team has said.

George Soros' fund has purchased around $2bn of European government bonds previously held by collapsed brokerage MF Global, according to reports.

Amid all the negative newsflow on Europe this year, the euro has remained relatively resilient.

Britain's relationship with Europe has been dealt a further blow as the nine European states who last night opted not to sign up to the new European treaty have had a change of heart.

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European leaders have abandoned plans for bondholders to bear the brunt of sovereign debt collapses, following talks overnight to tackle the eurozone crisis.