Managed solutions

The European mutual fund industry shrunk by 1.3% in the second quarter, with a net decrease of more than 400 funds, as the number of mergers and closures began to accelerate again.

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Members of the Schroders and Cazenove Capital fund management teams are hitting the road next month to discuss recent changes at the group and to allow advisers to quiz its fund managers.

True Potential Investments is to exclusively distribute Goldman Sachs' dynamic strategy funds, bringing them within the reach of UK retail investors for the first time.

Ashcourt Rowan Asset Management is to buy the assets of Generali Portfolio Management (UK) for £2.1m and take on its team of seven employees.

A number of UK equity income managers have begun building positions in Lloyds Banking Group as the lender prepares to return to the UK dividend register.

Franklin Templeton has hired former Insight and Armstrong manager Toby Hayes to manage a new multi-asset range.

Fidelity is to cut the annual management charge on its range of 15 multi-asset funds for advisers investing through its FundsNetwork platform, after the Financial Conduct Authority banned a cross-subsidy deal.

Axa Wealth's total sales increased by 68% over the first six months of the year, while the firm saw strong growth in assets on the Elevate platform and specialist multi-manager business Architas.