News

The Japanese yen hit a record postwar high against the US dollar this morning, reaching 79.32, although commentators expect the rally to be temporary.

The Reserve Bank of India has raised interest rates to fight rising consumer prices in the country.

FSA chairman Lord Turner last night said the amount of high quality capital banks should hold as a risk buffer should be double the current requirement.

Legal & General Investment Management (LGIM) achieved record profits for 2010 after growing funds under management 12%.

Fidelity International has launched a long/short fund for Aruna Karunathilake after expanding its Fidelity Active Strategy (FAST) range.

Matrix is moving its flagship Asia long/short fund, managed by Rupert Foster, to daily dealing.

Rathbones has poached Jeremy Stanyer, a specialist in private client investment management from Williams de Broe, for the position of investment director at its Aberdeen office.

Newton Investment Management has changed the manager on two of its key funds, Managed and Income.

LM Investment Management has launched a Luxembourg domiciled version of its Australian Income fund.

Chris Taylor, manager of the Neptune Japan Opportunities fund, has warned Japan may face downgrades to its credit rating and see its currency weaken after last week's earthquake.