Andrew Dalton, who founded and was managing partner and chief investment officer of Dalton Strategic Partnership, has died after suffering a heart attack.

Partners at BlueCrest Capital Management have brought ownership of the $25bn hedge fund manager wholly in-house by buying partnership interests held by Man Group and retired co-founder Bill Reeves.

Europeans put a net €283.1bn into investment funds last year, the highest amount since 2005, with flows into bond funds the "defining feature", according to Lipper

Convicted fraudster Bernard Madoff says investors "had to know" he was engaged in illegal activity, but failed to act on their hunches.

The FTSE edged 0.1% lower to 5,853.66 points in early trading as company-specific news guided price moves.

The Shanghai Composite surged 2.9%, its biggest advance since mid-October, as China held interest rates steady despite rising inflation.

The FTSE edged 0.4% higher to 5,574.98 points in early trading, recovering some of yesterday's 2.1% loss.

Banks led the FTSE 100 index 0.6% higher in early trading to 5,704.96 as investors showed their relief after Ireland agreed an €85bn (£72.5bn) rescue package.

The FTSE took its early lead from strong gains in Asia rather than muted US markets, up by 0.5% to 5,723.51.

The FTSE 100 rose 0.5% to 5,757.22 in early trading, despite negative company announcements across various sectors.