Neil Woodford has set the wheels in motion for what could be a decade-long succession process to ensure the UK's most revered manager leaves behind a lasting legacy at Invesco Perpetual.

Terry Smith's new Fundsmith asset manager has appointed former SLI investment director Conrad Rey as its sales director to intermediaries.

French insurance giant Axa and Australian asset manager AMP have made an A$13.3bn bid for Axa Asia Pacific.

Fidelity's Sam Morse is taking over management of the group's European Values trust, replacing Sudipto Banerji.

Witan has handed Veritas an £80m global equity mandate after reallocating funds from the US and Japan.

Peripheral European nations Ireland and Portugal could be forced to head to Continent's bailout mechanism after their respective bond yields soared to the highest levels since the creation of the euro.

M&G recorded a market-leading £1.74bn net retail inflow in the third quarter, 5% more than the equivalent period in 2009.

A BUBBLE IN GOLD?

Gartmore CEO Jeffrey Meyer says the group's downfall over the past 12 months has "exceeded all nightmares" and believes getting out of the public markets could be best for the firm.

Schroders recorded a £800m net retail inflow in Q3, with flows slowing from the two previous strong quarters.