The Financial Services Authority (FSA) has warned investors an unauthorised firm masquerading as Invesco Perpetual is attempting to sell fake funds.

IS CLIMATE CHANGE AN INVESTMENT ISSUE?

Rathbones is preparing to add a third fund to its multi-asset range, to be run by investment director David Coombs.

Aviva Investors' Chris Higham has slashed risk exposure in his £1.6bn Corporate Bond and £96m Strategic Bond funds, shifting 25% of the portfolio into cash on fears of a bubble forming in risk assets.

BP's troubled deal with state-controlled Russian oil company Rosneft has fallen through.

European markets opened lower on news of IMF chief Dominique Strauss-Kahn's arrest on rape charges, amid fears his absence from eurozone talks will delay bailout plans for Portugal and Greece.

Tracker funds reported their highest ever net retail sales in Q1, although inflows into ethical products were below recent levels, according to IMA figures.

Markets across Europe fell at the start of trading as an earthquake measuring 5.1 on the Richter scale hit Spain and commodities were heavily sold off in the US.

Pimco has filed with the SEC to launch an actively-managed ETF version of Bill Gross' Total Return fund, the world's largest bond fund.

US markets opened higher this afternoon after shaking off losses sparked by yesterday's surprise Standard & Poor's downgrade of the outlook for US debt.