Citigroup

SECTOR REPORT

Gary Shaughnessy, head of Fidelity's retail business, is leaving the firm to become chief executive of Zurich's UK life business.

Wealth management firm Quilter, owned by Wall Street bank Morgan Stanley, is in discussions about a possible sale to a private equity firm.

Royal Bank of Scotland is facing legal action over the collapse of MF Global after two pension funds accused the bank of making misleading statements about the broker's $6.3bn (£3.9bn) exposure to European sovereign debt.

Prime minister David Cameron has appointed a former non-executive board member of the Financial Services Compensation Scheme (FSCS) as a senior adviser on Europe and global issues.

The Dow Jones shed almost 300 points in yesterday's session with sentiment knocked following Greek plans to hold a referendum on the European bailout plan agreed last week.

The Dow Jones and S&P 500 surged yesterday as market sentiment was lifted by US growth almost doubling in Q3.

In this week's roundup ETFM brings you news of all the listings, filings and flows in the ETP market.

Citigroup and Scotia Capital have predicted a 0.2% contraction in GDP growth for the second quarter, renewing fears of a double-dip recession in the UK.

A former Citigroup vice president has been charged with stealing more than $19m (£12m) from the bank in what one US prosecutor called "the ultimate inside job".