IMA

Fund closures and mergers in the UK have soared to a record high in the past six months as groups cull smaller or underperforming funds amid pressure on margins.

GOSLING'S GROUSE

IMA chief executive Daniel Godfrey says there is "no reason" why fund groups should not be able to agree a methodology for displaying costs more transparently by the end of 2013.

ONE TO WATCH

GOSLING'S GROUSE

Dalton SP's Nabeel Mughal has cut consumer discretionary stocks and piled the cash into industrials on fears over the strength of US consumer spending.

Investec's Alastair Mundy has moved a significant portion of his £2.5bn Cautious Managed fund into gold bullion for the first time following savage price falls for the precious metal.

The IMA has decided not to modify its sector rules governing fixed income funds' currency exposure, Investment Week understands.

The Absolute Return sector has topped the IMA's monthly sales charts for March, posting its best monthly net sales since December 2009.

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.