News

Invesco Ltd, the parent company of Invesco Perpetual, will acquire Morgan Stanley's retail asset management business for $1.5bn.

Rathbones has agreed to acquire up to £1.27bn in private client funds from Lloyds Banking Group for a cash consideration expected to be about £35.4m.

Fidelity has received investor approval to merge its £30m MultiManager Distribution fund into its £127m MM Income vehicle.

Aberdeen Asset Management is soft closing its £952m Emerging Markets fund to both retail and institutional investors.

Iceland has agreed to pay €3.8bn to compensate Britain and the Netherlands for money paid to 400,000 savers whose deposits were lost when Icesave collapsed in October last year.

European shares rose in early trading this morning, with banks adding most points to the FTSE Eurofirst 300 (up 1.0% at the time of writing); HSBC, Banco Santander and BNP Paribas gained between 1.2 and 2.3%.

Schroders is launching a new platform for Ucits hedge funds, designed to provide easy access for the growing investor appetite in the space.

Gartmore has appointed Brian Mitchell as head of dealing, reporting to CIO Dominic Rossi.

Standard Life has named group finance director David Nish as successor to group chief executive Sir Sandy Crombie from 1 January 2010.

Financial stocks are struggling this afternoon following Bank of America's announcement it suffered a $1bn (£612m) net loss in Q3.