BlackRock's ETF arm iShares plans to hire at least six people for its UK-based business to prepare for the Retail Distribution Review (RDR).

Carmignac Gestion has followed Legg Mason in adding some of its flagship funds to the IMA's sector listings for the first time, while PIMCO is understood to be in talks to make a similar move.

HSBC is in talks to settle with US regulators over a money laundering investigation, but increased regulatory scrutiny has led to S&P cutting the bank's credit rating.

European markets rose in early trading as investors awaited a meeting on Greece's future and possible anti-crisis action from policymakers.

Apple has overtaken Microsoft as the most valuable company of all time after its share price surged this week, pushing the value of the company to $623bn.

Switzerland's biggest bank UBS and Deutsche Bank, Germany's largest lender, have both posted sharp falls in profits for Q2 as fees and commissions dwindled in the face of the eurozone crisis.

European stocks are climbing after a four day sell-off, following a pledge from European Central Bank president Mario Draghi that the ECB will "do whatever it takes to preserve the euro".

DOG FUNDS

The governor of the Bank of England, Sir Mervyn King, has insisted he did not call for Bob Diamond's scalp before Barclays' former chief executive stepped down.

BlackRock has launched a range of funds investing in a number of index trackers, as it moves to compete with the rise in demand for low-cost funds ahead of the Retail Distribution Review(RDR).