Private client manager James Hambro & Partners is to merge with rival Calkin Pattinson to create a combined group with £1bn in assets under management, advice and administration.

Henderson has reported net outflows of £2.1bn in the first half of 2012 as second quarter retail outflows hit AUM amid difficult markets.

The Accounting and Actuarial Discipline board has launched an investigation into the accounting errors discovered at RSM Tenon earlier this year.

KAY REVIEW

Invesco Perpetual's Neil Woodford is running the most concentrated portfolios seen in his 25-year fund management career in an effort to shield his funds from economic headwinds.

July US employment figures have come in well ahead of economists' estimates, helping stave off fears of a new US recession, despite a small rise in the unemployment rate to 8.3%.

Net retail sales of funds of funds have exceeded £1bn for the first time in a year, according to Investment Management Association (IMA) figures.

The Bank of England has held interest rates at 0.5% for the 41st consecutive month and kept its bond-purchase target at £375bn.

The CEO of fund management group Jupiter has said the significant disruption facing platform business models in the run-up to implementation of the Retail Distribution Review (RDR) will lead to consolidation in the space.

Strong retail fund flows in the first half of 2012 have driven Jupiter's AUM to £23.4m, exceeding analyst expectations as the group reported net profit of £31.2m for the period.