Jim Leaviss, head of retail fixed interest at M&G, discusses the impact on bond markets of S&P's downgrade of the US' credit rating.

Bill Gross, Bill Miller and Warren Buffett have clashed over Standard & Poor's downgrade of the US credit rating.

Credit rating agency Standard & Poor's has downgraded the US' prized AAA-rating for the first time ever.

Old Mutual saw profits climb in the first half, driven by cost cutting measures and the performance of its South African banking arm Nedbank, while Skandia saw its profits fall by nearly a third.

Schroders' net flows into its retail funds dropped to £400m in the first half of 2011, from £5.1bn during the same period last year, as the macro-economic climate spooked investors.

F&C Asset Management saw net flows into its products turn positive in the first six months of the year, but the group faces a £10m payout for a lost legal dispute with the founders of its fund of hedge fund arm.

Barclays saw its pre-tax profits fall by a third during the first half of the year, with payment protection insurance (PPI) claims and reduced bond trading activity hitting earnings.

Liontrust is set to acquire the fund management business of Occam, including its emerging markets and Asia teams in a £3.9m deal.

J.P. Morgan has moved its £68m Multi-Asset Income fund from the IMA Specialist sector into Cautious Managed as a better fit for its investment profile.

Castlestone has released a new statement emphasising the FSA's ongoing investigation into the firm does not relate to any criminal activity.