The FTSE 100 advanced 0.67% or 38.68 points to 5,771.51 as investors responded positively to news Ireland has agreed to a bailout.

Nick Dowell took over the HSBC's £272m European Growth fund three years ago this month, tasked with turning around the vehicle's lacklustre performance.

First State's Jonathan Asante has warned emerging markets are heading for a bubble because policymakers have resumed quantitative easing.

European stock markets fell this afternoon as China raised its bank reserve rate for the second time in a week in a bid to control inflation.

The FTSE 100 was down almost 2% this afternoon as fears over Europe's sovereign debt woes and tighter monetary policy in China continued to weigh on investors.

Skandia has launched a multi-asset risk-targeted protection fund which will limit losses to 80% of the highest ever share price.

UBS is launching an onshore version of its Asian Consumption fund, which aims to tap into the growing demand for goods and services in the burgeoning region.

Aegon is launching a retail share class for its Inflation Linked fund.

FUND MANAGER FOCUS

VAM Funds has launched a new Global Government Bond vehicle, which aims to generate cash plus returns through AAA and AA-rated sovereign securities.