HSBC's senior executives have apologised to a committee of MPs for the failings in its Swiss private banking arm which meant clients avoided paying millions in tax.

Woodford Investment Management (WIM) is to take a 15% performance fee of any excess returns above the 10% annual return target on its Patient Capital investment trust.

The Investment Association (IA) has proposed a new method of presenting portfolio turnover rates, and called for transaction fees to be separated from fixed costs, as part of a push for more comprehensive fund fee disclosure.

Germany's 10-year government bond yield slipped below Japan's for the first time on record today.

South-African firm Fundhouse has launched a fund ratings service for UK financial advisers, offering what it says are wholly unbiased and impartial comments on well-known funds.

Aberdeen Asset Management is to raise the initial charge on a number of emerging markets funds to 2% in order to stem inflows and avoid liquidity issues.

Peter Harrison is leaving his post as chief executive officer at RWC to take on the role of global head of equities at Schroders.

RBS has confirmed it faces not only a monetary fine but also other unspecified sanctions in relation to the LIBOR fixing scandal.

The start of 2013 has brought some New Year cheer to equity investors, with the FTSE 100 recording its best January since 1989.

Assets under management in UK funds reached a record £658bn last year, with fixed income yet again the best-selling asset class despite a late surge in interest in equities.