Five colleagues of the hedge fund fraudster Bernard Madoff are awaiting trial on Tuesday, following a five-year probe into one of the biggest Ponzi schemes in history.

Allfunds Bank has poached another Cofunds director, Bradley Lewis, to spearhead its expansion into the UK market.

Christine Lagarde, managing director of the International Monetary Fund (IMF), has warned that the US' failure to raise its debt ceiling could be far worse than the country's current government shutdown.

Equities were the best-selling asset class in August for the fifth month in a row, with over £1bn in inflows, according to the latest Investment Management Association (IMA) statistics.

Albemarle Street Partners has won a mandate to advise IFA group Newell Palmer on the management of its £500m advisory investment service.

Aberdeen Asset Management has seen net outflows of £1.2bn in the two months to 31 August, pushing AUM down 4% over the period.

Chelsea Financial Services and Albemarle Street Partners are to launch a fund rating service early next year, targeting consumers as well as advisers and rivalling a number of existing agencies.

Bank of America Merrill Lynch has named its top ten trades for this autumn as investors prepare for a tapering of QE in the US and a possible jump in interest rates.

Absolute return providers have been forced to respond to capacity questions by changing fund remits or even soft-closing vehicles as flows into the sector leap this year.

Absolute return providers have been forced to respond to capacity questions by changing fund remits or even soft-closing vehicles as flows into the sector leap this year.