News

Early gains among financials offset disappointing Marks and Spencer results to see the FTSE marginally down 0.22% to 5,510.22 in early trading.

Sotiris Boutsis has assumed control of Fidelity's offshore Global Financial Services fund, replacing Tal Eloya.

Warren Buffett has weighed into Kraft's hostile takeover bid for Cadbury, warning the US giant not to use too much of its stock to finance the proposed £10.4bn deal.

T.Bailey is capping the TER of its new passive international equity fund at 0.99% for the leading unit class.

Gartmore plans to merge its £23.6m Japan Opportunities fund into its new Japan Absolute Return fund.

SWIP has launched its third multi-manager vehicle for duo Mark Harries and Simon Wood, the Optimal Multi-Asset fund.

Aviva has acquired US equity manager River Road Asset Management as it looks to grow its institutional business and expand in the US market.

Property continued to top the retail best seller table in November for the second month running in what proved another strong month for fund inflows, according to IMA figures.

US stocks reached 15-month highs on Monday, with both the Dow Jones and S&P 500 up at least 1.5% on the first trading day of 2010.

Swiss food company Nestlé has ruled itself out of the bidding for Cadbury and has instead given Kraft Foods the firepower to sweeten its own offer.