The Investment Management Association (IMA) has proposed a solution to help UK investors escape an "impossible" set of US tax rules due to come into force in 2013.

Ex-iShares and Gartmore sales director Julian Hince has joined M&G as technical development director.

Former Gartmore multi-managers Ari Towli and Nick Roberts have joined John Husselbee's multi-asset boutique North Investment Partners.

EASY AS ABC?

The Investment Management Association (IMA) is to scrap the existing definitions and names of the Managed sectors, renaming them Managed A-C and introducing a new sector, Managed D.

BP is in last minute talks with Russian state oil firm Rosneft in attempt to salvage the proposed $16bn (£9.9bn) share swap deal before the midnight deadline tonight.

Dominique Strauss-Kahn, the head of the IMF, has agreed to undergo medical tests over allegations of sexually assaulting a hotel maid in New York, in a case which has thrown European debt crisis talks into disarray.

Federal Reserve chairman Ben Bernanke has warned of a Lehman-style meltdown if the US Congress uses the national debt limit as a "bargaining chip".

Old Mutual saw a net outflow of £2.6bn in the first quarter of the year, although assets under management edged up and Skandia saw growth in new business volumes.

US hedge fund billionaire Raj Rajaratnam has been found guilty of making tens of millions of dollars from insider trading.