Fund groups have warned the RDR will lead to increased volatility in fund flows and a greater share of assets going to a handful of the larger asset managers.

Cazenove has promoted Rob Thorpe to the newly-created head of UK retail position.

Rathbone Unit Trust Management has continued to suffer redemptions from investors over the first half of the year, with the group posting a £41m net outflow.

Investment guru Jim Rogers believes another recession will be due in about 2012, but the difference next time will be the inability of central banks to throw cash at the problem.

IFAonline would like to send its condolences to the family and friends of Jupiter fund manager Laurie Petar, who passed away yesterday after a long battle with prostate cancer.

Bond managers have largely dismissed Friday's highly-anticipated European bank stress tests as a 'non-event', with the markets also showing a muted response.

The American economy is not headed for a double dip recession and is likely to gradually strengthen over the coming year, US Treasury Secretary Timothy Geithner believes.

John Chatfeild-Roberts, CIO of Jupiter and head of the group's £4.6bn multi-manager range, has urged investors to go back to basics and avoid being tempted into complex products promising unrealistic returns.

Henderson is set to launch the fourth multi-manager product in its tie-up with IFA network Intrinsic, the Cirilium Strategic Income fund.

The FTSE 100 has followed the lead of the US and opened lower this morning, as investors weigh up a gloomy economic update from Federal Reserve chairman Ben Bernanke.