The number of shares out on loan in September has risen by the highest level in five years as investors reacted to market falls by taking more negative bets.

Close Asset Management has renamed four of its discretionary portfolios and has moved two of the range to different IMA sectors to better reflect their investment objectives.

More than 150 UK domiciled funds - equivalent to 12% of the total universe of funds today - have raised annual management fees over the past decade, a new Lipper study has revealed.

Philip Gibbs is to step down as deputy-manager of the Jupiter Financial Opportunities fund and manager of the Jupiter International Financials fund on 31 October.

The FTSE 100 has fallen as much as 3.5% as fresh eurozone concerns pushed the index down to the 4,900 mark.

Standard & Poor's has maintained its AAA long-term credit rating for the UK and said the outlook remains stable, while warning GDP will be lower than forecast for the next three years.

HSBC Global Asset Management (GAM) is to launch three low-cost portfolios, offering access to global equity and bond markets as well as alternative investments.

News that Greece will fail to meet deficit reduction targets pushed the FTSE 100 down 2.8% at open, dragging it below 5,000 points.

The FTSE 100 has closed down 1.3% bringing a total loss for the quarter to 13.7%, its worst performance for nine years.

Neil Woodford has led a boardroom overhaul at claims handler Helphire, ousting former Tory leader Michael Howard after the company posted a series of disappointing results.