M&G is to launch a global floating rate fund for James Tomlins next month, investing in high yield securities with low duration, in an effort to provide a fixed income solution to a rising interest rate environment.

Old Mutual Wealth chief executive Paul Feeney has contacted clients to defend a decision to shut the Skandia Invesco Perpetual income funds, pointing to "truly exceptional circumstances" following Neil Woodford's departure.

Skandia's decision to switch pension clients out of its Invesco Perpetual Income mandates and into Neil Woodford's new CF Woodford Equity Income fund is expected to cost investors over £6m in trading costs.

Skandia has handed £640m worth of life mandates currently run by Invesco Perpetual's Mark Barnett to Neil Woodford, in a move Hargreaves Lansdown analysts suggest may be the first of many.

The team running J.P. Morgan Asset Management's natural resources fund has said the gold price is unlikely to surge ahead from current levels, as US monetary policy and a strengthening dollar continue to weigh on sentiment.

The Financial Services Consumer Panel is to launch an investigation into fund management costs after claiming some of the charges are "unjustified".

Royal London has reported a 45% slump in pre-tax profit in H1, pointing to regulatory charges as a key contributor, while its wrap platform Ascentric saw new business slide 20%.

Tesco is coming under increasing pressure to slash its dividend in order to free-up cash to help it compete against low-cost rivals, with a leading shareholder speaking out over the weekend and analysts predicting a major cut to its payout.

Walker Crips has poached two more stockbrokers from Barclays as it expands its investment team.

BlackRock has scrapped the 1% initial charge for intermediaries investing in Alister Hibbert's European Dynamic fund after assets under management fell to a more manageable level.