ON JAPAN

Invesco Perpetual fund manager, Jonathan Brown, on why he expects a pick up in M&A activity in the smaller companies sector next year.

A client recently highlighted to me the current similarity of the fund managers he speaks to.

At a time of widespread gloom, it is especially appropriate to wish investors a prosperous New Year. I left the business of providing free money-losing advice a decade ago, but this is such a special occasion that it is worth making an exception - pro-bono....

It is indeed ironic that it was the French Emperor, Napoleon, who once said "Never interrupt your enemy when he is making a mistake." I wonder whether this thought was echoing in David Cameron's head as he decided to use Britain's veto?

THE PARABLE OF FOUR FUND MANAGERS

THE EUROZONE

Ruli Viljoen, head of investment research at OBSR, looks back at this year's key trends and reveals three of the best-selling funds of 2011.

ON EUROPE

ON NORTH AMERICA