Jupiter's star financials manager Philip Gibbs says a double dip is looking quite unlikely but he has residual worries about longer term growth as developed nations tackle their huge debts.

FSA chairman Lord Adair Turner says the Basel III capital reserve rules imposed on banks are "too lenient".

The US central bank has decided not to take further action to rejuvenate the country's economy but hinted it may do more later if needed.

The recent US downturn, which officially ended in June 2009, has been the longest since the great Depression beginning with the Wall Street crash in 1929.

Lord Turner, chariman of the FSA, said it was "vitally important" European financial supervisors did not intervene directly in the running of individual markets.

Swip Multi-Manager has hired FOUR Capital Partners to manage a mandate for its UK Equity Focus fund with an initial size of £256m.

Gartmore has awarded 3.5% of the company's equity to a group of top staff to encourage them to stay at the group.

The FTSE continued to fall in early trade, down 0.34% to 5138.51, following yesterday's massive sell-off in global shares on escalating fears about the economic recovery.

Jupiter went into the black for the first half of 2010 with profits before tax of £14.6m compared to a loss of £6.5m for the same period last year.

Legendary investor George Soros heavily cut back his US weighting in the second quarter as market volatility increased.