Newton Investment Management CEO Helena Morrissey is to chair the new organisation arising from the merger of the Association of British Insurers (ABI)'s investment affairs division and the Investment Management Association.

Neil Woodford's new fund is a focal point of investor interest at the moment, but those looking to diversify their UK equity income exposure have a number of alternatives.

Unicorn Asset Management's John McClure has passed away, the board of the Acorn Income fund has announced.

Lloyds will price its initial public offering of TSB at between 220p and 290p per ordinary share, with the float set for 20 June.

Miton Group has agreed to acquire Darwin IM, with the latter's David Jane taking over the Miton Special Situations portfolio as Martin Gray leaves the company after 20 years.

Tullett Prebon has confirmed it is to replace Terry Smith as CEO once a "well advanced" succession planning process is finalised.

Brandeaux is plannning to float the portfolio of its Student Accommodation fund in a bid to help meet redemption requests.

Sterling has fallen back below $1.69 after worse-than-expected borrowing figures disappointed those investors hoping for further confirmation the economy is back on track.

Bank of England Governor Mark Carney has tried to defuse expectations of an imminent rate hike by saying it would "not be the right tool" to deal with the UK's booming housing market.

Neil Woodford has said he plans to create a major asset management business, rather than a simple boutique, as he begins life at Woodford Investment Management.