The FTSE 100 rose 1% to 5,871.5 points by 1.45pm today, propelled by the mining sector.

The Shanghai Composite surged 2.9%, its biggest advance since mid-October, as China held interest rates steady despite rising inflation.

GAM is removing the cap on its GAM Star Discretionary FX fund, allowing greater monthly subscriptions into the portfolio.

Jonathan Carey, Jupiter's group executive deputy chairman, is to retire next week.

It has been a turbulent year for UK equity income fund managers, with BP suspending its payments, large-cap miners reinstating dividends and investors looking to the mid-cap space for income opportunities.

Janus Capital has launched an Emerging Markets fund to benefit from growth companies trading at deep discounts to their intrinsic value.

Aberdeen Asset Management has effectively ruled itself out of bidding for rival Gartmore, opting instead for organic growth.

CQS and Brevan Howard, two of Europe's largest hedge funds, are due to close subscriptions for listed credit hedge funds next week.

UK bank shares were being sold off this afternoon, sending the FTSE down 0.3% to 5,532.08 points, as investors fear Europe's debt crisis has not yet claimed its last sovereign victim.

Frontier Capital Management is launching a managed futures fund of funds this week.