FIVE CHALLENGES CARNEY FACES

Investment trust broker Numis said it expects the discount on Schroder UK Growth to tighten, following this morning's announcement Julie Dean will take over managerial responsibilities for the trust.

UK equity income fund managers have cautioned sterling's steep decline could harm the sector's returns later this year as imported inflation floods into the market.

Schroders' chief executive Michael Dobson has cautioned against further acquisitions, saying the firm will now focus on organic growth after completing a string of deals over the past year.

The board of the Schroder UK Growth trust has opted to hand over the management of the trust to Cazeonove's Julie Dean, who is joining Schroders imminently.

Schoders reported a pre-tax profit of 17% year-on-year in the first quarter, rising from £95.5m to £115m, after inflows into its fund range more than trebled over the period.

A number of global emerging market fund managers have been cutting exposure to the defensive consumer staples sector, as fund buyers warn their positioning has damaged performance.

J.P. Morgan Asset Manangement's Nick Gartside has taken his high yield exposure to its largest ever weighting in the view investors have been too hasty in exiting the sector.

The Financial Conduct Authority (FCA) has delayed the publication of its final rules and guidance on unregulated collective investment schemes (UCIS) until June.

Lloyds Banking Group has reported pre-tax profit of £2bn for the first quarter, well ahead of analysts' estimates, after the lender made a number of cost savings and profited from selling 20% of its stake in St. James's Place.