The former global head of distribution at Gartmore, Phil Wagstaff, is set to join Skandia Investment Group (SIG) as CEO, Investment Week, IFAonline's sister title, understands.

Banks shares extended losses this afternoon as Fitch Ratings downgraded Lloyds and RBS' long-term credit rating from AA- to A and placed Barclays on a negative watch.

Hargreaves Lansdown saw net new business inflows rise by almost a quarter in the three months to September, but said a fall in its assets under management was caused by stock market movements.

UK gilts extended declines as the Bank of England refused to buy bonds maturing in 2017 in Monday's auction, after traders aggressively drove up prices.

Shares in RBS and Lloyds fell today as Moody's downgraded the senior debt and deposit ratings of 12 UK financial institutions, and said it expects the government will allow some smaller institutions to fail.

Liontrust has blamed stock market movements for a fall in its assets under management between April and September, but has reported a positive net inflow for the period.

The revelation of rogue trading at UBS follows a period of market volatility but that is nothing new, say risk managers.

On the third anniversary of the collapse of Lehman Brothers and subsequent credit crisis, Investment Week looks at the best and worst performing funds and sectors over the last three years.

Fidelity's Ian Spreadbury and Jupiter's John Chatfeild-Roberts were named joint winners of Outstanding Fund Manager award at this year's OBSR Awards, held last night in London.

George Osborne has said the government will stick to its austerity plans, although he has had to revise down already-weak growth forecasts for the UK, prompting fresh double-dip fears.