Citigroup is to pay out $590m to shareholders in one of the biggest settlements connected to the global financial crisis, after it was accused of hiding its subprime exposure during the 2008 crash.

Barings has hired Christopher Mahon from RMB Asset Management to replace Toby Nangle, Investment Week, IFAonline's sister title, understands.

Standard Chartered has agreed to pay a $340m (£217m) fine to US regulators after it was accused of trying to hide up to $250bn of transactions with Iran.

Greece is seeking a two-year extension to its austerity programme from the European Union and IMF as it struggles to find room for another €11.5bn of spending cuts.

M&G reported a 53% rise in net investment flows in the first half of the year, with retail investors driving the £4.3bn of flows.

The UK could leave the European Union by this autumn should the eurozone debt crisis intensify further, it has been suggested in a study by Japanese bank Nomura.

Aviva Investors has sold its sustainable and responsible investments (SRI) funds business to Alliance Trust Investments in a £1m deal.

Schroders saw net inflows of £2.7bn in the volatile first half of the year as it revealed it is on the hunt for new talent.

APPRENTICE

The UK government is looking at fully nationalising beleaguered bank RBS in an attempt to kick-start lending to British businesses.