The European deleveraging process is five years behind that seen in the US and may obstruct a further rise in equity markets, according to Invesco Perpetual's Neil Woodford.

Gold's slide into a bear market has accelerated this morning as prices fell a further 5% to a two-year low of under $1,400.

Threadneedle's Michael Poole is to become lead manager on the group's £790m European High Yield Bond fund as Barrie Whitman steps back.

The FTSE 100 has shed almost 2% after US employment numbers for March came in well below expectations.

Skandia is to add clean share classes to its platform following HM Revenue & Customs' decision that rebates to customers are taxable.

The Bank of England has opted not to implement further quantitative easing and held interest rates at 0.5% for the 49th consecutive month.

M&G has cut its position in St James's Place (SJP) after majority shareholder Lloyds sold down its own stake in the wealth manager.

Ashcourt Rowan's new head of funds research has moved to counter dwindling bond market liquidity by adding funds with "more stable" asset bases to the group's buy list.

Jupiter chief executive Edward Bonham Carter has criticised EU proposals to cap fund manager bonuses, saying the moves could jeopardise industry stability.

City Financial has acquired OPM Fund Management for an undisclosed amount, taking over its £75.2m fund range in the process.