Hedge fund manager John Paulson, who made billions by betting against subprime mortgages, has begun to exit the large positions he took in the hard hit banking sector last year.

George Soros, who has described gold's spike as the "ultimate asset bubble", has cut his holdings in the SPDR Gold Trust for a third quarter.

Warren Buffett's Berkshire Hathaway has taken a $52m stake in the Bank of New York Mellon and increased its holding in Wells Fargo.

WOODFORD ON SUCCESSION

A CRISIS IN THE WEST

M&G's Jim Leaviss believes investors need to learn to live with heightened volatility as the reappearance of the European debt problems highlights the fragility of the global economy.

Man Group has appointed GLG's Richard Phillips head of UK retail at the combined group.

Hargreaves Lansdown co-founder Stephen Lansdown is creating a new green private equity fund.

Terry Smith's new Fundsmith asset manager has appointed former SLI investment director Conrad Rey as its sales director to intermediaries.

BHP Billiton has abandoned its hostile $40bn takeover attempt for Canada's Potash Corp, after failing to overcome government opposition to the deal.