Polar Capital's assets under management rose 71% to $2.5bn (£1.7bn) in the year to 31 March 2010.

Sterling has strengthened against the US dollar and euro on the back of today's emergency Budget, while gilts have also bounced.

The FTSE is showing little reaction to Chancellor George Osborne's Emergency Budget, remaining 1.5% down from the morning.

Franklin Templeton emerging markets guru Mark Mobius has dismissed concerns Hungary could face a similar debt spiral to stricken nation Greece.

Paul Marriage's Cazenove Absolute UK Dynamic fund saw performance hit last month when his hedge fund was met with heavy redemptions. Both the retail fund and the hedge fund hold many of the same positions.

Polar Capital's Ben Rogoff has put the 3% cash position in his Technology trust back into the stock market as valuations become compelling after the recent correction.

Boutique manager RWC Partners is to launch a Ucits III pan-European equity fund next month as the group continues its push into the retail market.

The FTSE started the day positively buoyed by a strong start for bank stocks and increased hopes of a global recovery.

Thames River Capital is closing the UK Absolute Income fund it acquired from Quantum last year due to its small size and poor relative performance.

Corporate bond fund managers have been forced to build high cash positions in their portfolios after new issuance from European companies dried up over the past month.