Smith and Williamson

Investors have been selling out of Russian equities since the country's stand-off with neighbour Ukraine escalated in early March and caused shares to plunge, but one fund manager has been buying back in despite ongoing tensions.

ON UK INCOME

BP and Royal Dutch Shell produced mixed results last week, but top managers are returning to the beaten-up oil majors, predicting a focus on shareholder returns instead of "growth at any cost".

Smith & Williamson Investment Management has merged its UK Growth fund and its Opportunities fund into the group's UK Equity Growth trust.

Smith & Williamson has announced a number of key changes to its senior management, including promoting two staff members as co-chief executives.

Smith & Williamson is reducing the number of holdings in its £87m North American Trust by almost 50% as part of an overhaul of the fund, which also sees lead manager Lady Tana Focke step back from her role.

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