The board of Harry Nimmo's £163m Standard Life UK Smaller Companies trust has axed its performance fee, in a move to offer a transparent charging structure ahead of the impending Retail Distribution Review (RDR).

Federal Reserve Chairman Ben Bernanke has indicated more quantitative easing measures will be pumped into the US economy when it is needed to avert long-term damage, but his lacklustre speech failed to impress those seeking a firmer commitment.

Strategic bond fund managers Richard Hodges from LGIM and Fidelity's Ian Spreadbury both expect UK government bond yields to remain at their abnormally low levels for the foreseeable future.

Fixed income continues to be the asset class of choice for UK retail investors, accounting for more than half of July's net retail sales, the latest figures from the Investment Management Association (IMA) show.

Fidelity Worldwide Investment has handed its £1.1bn Japan Advantage fund to Mark Buffett as Ron Slattery steps down from fund management due to family circumstances.

Jeremy Charles, manager of the £1.3bn Scottish Widows UK Growth fund, is the latest fund manager to exit the firm following the restructure of its £54bn equity desk.

BONDS

HSBC Global Asset Management has announced plans to launch an Indian bond fund, giving UK retail investors access to the market for the first time.

UK retail sales have posted a surprise rise in July, up 0.3% from June, beating analysts' expectations of a more modest 0.1% increase.

Royal Bank of Scotland (RBS) chief executive Stephen Hester has emerged as the frontrunner to fill the vacant chief executive position at Barclays.