Wealth manager Brooks Macdonald Group is acquiring Canterbury-based Lawrence House Fund Managers Limited in its first acquisition since listing on Aim in 2005.

Merchant Securities has acquired Belgravia-based IFA and wealth management firm Cavendish Young for a fee of up to £1.3m.

US stocks pushed ahead, buoyed by financials, despite a hike in jobless figures.

The FTSE has opened flat despite a rally from miners and natural resources companies.

Hargreaves Lansdown has added the Cazenove Absolute UK Dynamic fund to its Wealth 150 list.

The Dow Jones made marginal gains in early trading on Wednesday after the number of new homes purchased jumped more than forecast in July.

Higher exposure to cyclical industries gives Europe the investment edge over the US, according to BlackRock Global Equity fund manager Andrew Williamson-Jones.

The FTSE has made marginal losses in early trading, weighed down by disappointing company results despite a rally from financial stocks.

The pound fell to an 11-week low of €1.1461 yesterday despite bullish global equity markets.

The Dow Jones hit a fresh year-high this morning after Federal Reserve chairman Ben Bernanke said the US economy is nearing recovery.