Net inflows of £5.1bn have surged into funds of funds over the first three quarters of 2010, higher than any other annual sales level.

Skandia is replacing Martin Currie's Tom Walker from its team of external managers running the Global Best Ideas fund in favour of a US manager used by Gartmore.

Federal Reserve chairman Ben Bernanke has defended a decision to introduce a second round of quantitative easing, arguing it will not lead to a spike in inflation.

Positive earnings reports from some of the FTSE 100 top players have boosted the index this morning.

The IMA will consult with advisers on potential changes to the Cautious Managed, Absolute Return and Global Growth sectors as part of a wider review of its fund classification system.

Hargreaves Lansdown saw assets under administration increase by 14% during the third quarter, traditionally a quiet period for the firm, driven largely by positive markets.

The level of inflows into emerging market bond funds in 2010 has already overtaken the figure for 2009, according to Lipper FMI.

The Federal Reserve is prepared to take "unconventional measures" to prop up the US economic recovery, said Ben Bernanke in a speech today.

Markets reacted positively to the news the US had not slowed to the 1.4% expected in the second quarter.

Fund managers have shown their support for oil giant BP despite its record $17bn (£11bn) loss in the second quarter.