BNP Paribas subsidiary Privalto is closing its Millennium Tracker fund as it is too small to remain economically viable.

T. Bailey has become the first multi-manager to take a position in the £5.6bn Standard Life Investments' Global Absolute Return Strategies (GARS) fund.

The FTSE 100 rose 0.9% to 5,791.10 in early morning trading as a weaker US dollar provided support for mining stocks.

The managers of the £187m BlackRock Greater Europe investment trust have significantly outperformed their benchmark thanks to an overweight to industrials and an underweight to financials.

Skandia has handed Aviva a £8m mandate within its £62m UK Strategic Best Ideas fund.

Allianz RCM's new CIO of UK equities Jeremy Thomas has overhauled the investment process on three UK portfolios, making them more concentrated.

Commodities and resources have overtaken blue chips as investors' favoured sectors for the first time in over seven years, said the Association of Investment Companies.

J.P. Morgan Asset Management has added a sterling-hedged share class to its £122m Europe Dynamic Ex-UK fund.

UK equity markets and sterling were largely unfazed by today's Spending Review with investors unsuprised by the level of the cuts.

Invesco Perpetual's Paul Read and Paul Causer have cut almost 30 holdings from their £129m City Merchants High Yield trust as the managers look to reduce risk in the portfolio.