News

Standard Life today says it expects a net headcount reduction of some 500 employees over the next 15 months as it rolls out the second phase of its group restructure.

Newly-formed group Alquity Investment Management has launched an Africa fund for UK retail investors that sees 25% of management fees donated to support humanitarian projects in the region.

M&G has moved its £360m offshore Property fund from creation to cancellation pricing as it has suffered "small but persistent" redemptions.

Old Mutual has hired HSBC's Christine Johnson to run its Dynamic Bond fund.

Sarasin's Mark Whitehead has increased his fund's long equity exposure from 40% to 60% since July, attracted by low valuations and a strong Q2 reporting season.

Leading fund managers have staked their reputations, and their clients' money, on a sustained UK economic recovery by adding to equities and cutting their bond holdings in the past month.

The FTSE 100 opened higher, up 0.25% or 12.95 points to 5,238.17, supported by encouraging economic data coming out of China this morning.

Hargreaves Lansdown profits increased 18% to more than £86m in the year to 30 June as net business inflows soared.

More than a tenth of the 7,380 banks in the US remain at risk of failure despite the sector posting strong profit growth during the second quarter.

Neptune and Martin Currie are the latest asset managers to be linked with troubled group Gartmore, with rumours suggesting the pair have expressed an interest in acquiring a stake in the firm.