The FTSE edged 0.4% higher to 5,574.98 points in early trading, recovering some of yesterday's 2.1% loss.

Two thirds of fund managers expect the use of performance fees on equity portfolios to rise next year, according to research from Skandia Investment Group.

Ignis has hired Michiel Timmerman from Aberdeen Asset Management to run its newly created £2.5bn multi-manager unit.

Matrix has hired Angus Woolhouse, head of global institutional business at Gartmore, as chief executive of its asset management business.

RWC Partners is preparing a regulated global macro hedge fund in January for new recruits Peter Allwright and Stuart Frost.

Banks led the FTSE 100 index 0.6% higher in early trading to 5,704.96 as investors showed their relief after Ireland agreed an €85bn (£72.5bn) rescue package.

Thames River's Global Credit fund has reached its first anniversary under manager Stephen Drew, who joined the firm in June from Tudor Capital to take on the role of head of credit.

Hargreaves Lansdown has added Liontrust's Special Situations fund to its Wealth 150 list of favourite funds, in the second win this week for the £1.2bn manager.

Crispin Odey has highlighted the financial sector as one of four key areas of the market he expects to outperform in the next one to two years.

European asset manager Heptagon Capital is making Texan equity manager Yacktman Asset Management available to UK investors for the first time with the launch of a Ucits version of the Yacktman US Equity fund.