Citigroup's top economist Michael Saunders has forecast Greece will exit Europe's single currency on 1 January 2013, and its new currency will immediately depreciate by 60%.

John Clougherty is joining Fidelity Worldwide Investments as head of the wholesale business, IFAonline's sister title Investment Week understands.

David Cameron will urge eurozone leaders to "make up or break up" today as he fears the euro unraveling will further dent the British economy.

Investec Asset Management is the latest group to launch a range of clean share classes ahead of the year-end RDR deadline.

Four major fund houses have joined forces with technology provider IFDS to white-label enhanced online propositions for their existing direct customers ahead of RDR.

Old Mutual is unifying its two UK asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group (SIG), into a single business with the view to rebrand under one name.

Industry commentators forecast an even gloomier second quarter after the Office for National Statistics revealed the UK slid back into recession in Q1, with negative growth of 0.2%.

Global markets have continued on a downward trend as fears re-emerged about the state of European and the US economies.

Retail investors are continuing to flock to fixed income funds, topping up their positions by over £500m last month, despite the rally in equities, Investment Management Association (IMA) figures show.

The Queen's Diamond Jubilee celebrations will cause the economy to contract between April and June, the Bank of England's Mervyn King has warned.