Skandia Investment Group has appointed Cincinnati-based boutique Fifth Third Asset Management to run its $80m US Large Cap Growth fund, replacing Wellington Management.

Graham Birch, head of BlackRock's Natural Resources team, has decided not to return to the company following his nine-month sabbatical.

Funds of investment trusts dominated the multi-manager performance tables last year, benefiting from the deep discounts which opened up for underlying companies during the market downturn.

Multi-managers are becoming increasingly wary of open-ended property vehicles, warning many funds are struggling to put to work the recent influx of cash into the sector.

Early gains among major miners helped boost the FTSE by 34.93 points (0.64%) to 5508.41 in early trading.

Invesco Perpetual's Neil Woodford believes dividends of the stocks in his portfolios could grow by up to 10% this year.

Aberdeen has acquired £13.5bn of long-only multi-manager and fund of hedge fund assets from RBS Asset Management for £84.7m.

New Star's £741m UK Property fund has made its first purchase in over two years, a £10.5m retail unit in Chichester.

Former Invesco Perpetual CEO Mike Webb will take over as chief executive of Rathbone Unit Trust Management, replacing Peter Pearson Lund.

Sotiris Boutsis has assumed control of Fidelity's offshore Global Financial Services fund, replacing Tal Eloya.