The number of assets in underperforming 'dog' funds has more than halved since last summer but over £12bn is still stuck in such offerings, according to Bestinvest's latest Spot the Dog list.

Threadneedle and Schroders are among the City firms that have been approached about buying a stake in the 316 RBS branches the bank has put up for sale, according to reports.

The ‘great rotation' out of fixed income and into equities is pushing funds' assets towards maximum capacity, which could result in top-performing funds soft-closing in the coming months.

UK GDP contracted 0.3% in the final quarter of 2012, a worse than expected figure that raises the spectre of a triple-dip recession.

Apple shares have fallen 12% at the start of US trading as investors took flight after the world's largest company reported weaker-than-expected iPhone sales.

BUFFETT

Former AXA Framlington Biotechnology fund manager Andy Smith has joined biopharma specialist Mann Bioinvest to launch an income-focused fund in the coming weeks.

Jupiter's Merlin multi-manager team have shifted their UK equity allocation within the £1.7bn Merlin Growth portfolio in order to gain exposure to active managers looking across the FTSE 350 spectrum.

Odey Asset Management is drafting plans for a UCITS version of Crispin Odey's flagship European hedge fund strategy as part of a wider expansion of its range, Investment Week understands.

Japan's Nikkei 225 index has closed down 1.5% as investors took profits ahead of the conclusion of a key central bank meeting tomorrow.