Royal Bank of Scotland

Royal Bank of Scotland (RBS) has reported an annual loss of £1.13bn for 2010, improving on the previous year but still falling short of analyst expectations.

Banks will reveal salary details of their highest paid staff and lend businesses £190bn this year under Project Merlin, but their top earners will not be hit with a bonus tax, the government said today.

UK bank shares were being sold off this afternoon, sending the FTSE down 0.3% to 5,532.08 points, as investors fear Europe's debt crisis has not yet claimed its last sovereign victim.

Ignis has hired Michiel Timmerman from Aberdeen Asset Management to run its newly created £2.5bn multi-manager unit.

Banks led the FTSE 100 index 0.6% higher in early trading to 5,704.96 as investors showed their relief after Ireland agreed an €85bn (£72.5bn) rescue package.

The listed hedge fund sector looks set to contract as trusts face continuation votes and many are wound up, despite taking action to narrow their discounts.

Aegon's Adams and Gartmore's Himsworth differ on domestic stocks but both aim to avoid crowded trades

The FTSE is down 2% at 5278.76 points as traders continue taking profits, paring back the benchmark's extraordinary 5.2% jump yesterday.

The image of the banking sector may be taking a battering at the moment, but it has not stopped new players entering the market

Shares in RAB Special Situations rose 31% in March, outperforming the 1.1% average from listed hedge funds, after commencing a buyback that absorbed 6% of its share capital.