News

Leading fund managers, including L&G and Jupiter, have stepped up their attack against huge pay rises at the UK's biggest banks.

The S&P 500 has risen 1.7%, with European equity markets also holding onto gains after German Chancellor Angela Merkel and French President Nicolas Sarkozy reached accord on the debt crisis.

Gregor Logan, the former joint chief investment officer of New Star, said a leveraged balance sheet and poor performance from flagship funds caused the demise of the asset manager.

Negative market sentiment should not deter investors in US banks, said Ryan Brist, head of US investment grade credit at Legg Mason subsidiary Western Asset Management.

As the eurozone crisis reaches a crescendo, the Bank of England has revealed just how much exposure UK banks have to the region's most troubled economies.

Franco-Belgian bank Dexia has secured temporary financing guarantees of €45bn from Belgium, France and Luxembourg, according to reports.

The FSA has fined HSBC £10.5m for inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA), to elderly customers.

Skandia's portfolio manager Lee Freeman-Shor has swapped Barings' James Buckley for former favourite Dirk Enderlein on the Skandia European Best Ideas fund.

European stock markets opened higher this morning ahead of a crucial eurozone meeting on Friday which could decide the future of the single currency.

Ashcourt Rowan chief executive Jonathan Polin has purchased 200,000 shares in the business as the company lists on AIM.