The manager of the £1.2bn Caledonia Investment trust is aiming to increase its yield by revamping it into a more concentrated portfolio.

9am: The FTSE 100 is hovering around the 5,900 mark in early trading on the back of weakening metal prices sending mining stocks deep into the red.

Henderson's head of pan-european equities Stephen Peak has stepped down as lead manager of the £280m TR European Growth trust.

Skandia Investment Group has removed the Asian mandate within its £312m Global Best Ideas fund from Treasury Asia Asset Management's Peter Sartori, handing it to Far East specialist Tiburon Partners.

The FTSE 100 fell towards the 6,000 mark mid-afternoon as weaker than expected US jobs data combined with a sell-off in commodities to weigh on shares.

BlackRock and Fidelity are both backing commodities giant Glencore's IPO, according to reports.

US economic growth cooled off in the first quarter of 2011 with GDP growth of 1.8%, down from 3.1% the previous quarter.

Standard Life Investments is preparing to soft-close Harry Nimmo's £1.1bn UK Smaller Companies fund in June.

The FTSE opened higher this morning to recover some of yesterday's losses following Standard & Poor's outlook downgrade of the US.

Standard & Poor's has cut its credit outlook for the US from stable to negative for the first time since 1941, causing the dollar and shares to tumble.