Assets under management within fund of funds have reached a record level of £46.5bn, according to the IMA.

The FTSE 100 plunged 1.71% or 89.76 points to 5171.23 this morning as shares were hit by the prospect of a hung parliament in the UK and worries over the Greek debt crisis.

The FTSE 100 dived 1.52% or 80.94 points to 5,260.99 with banks dragging on the index after Moody's warned UK lenders are at risk of Greek contagion.

PSigma's Bill Mott believes a hung parliament will be the worst case scenario for investors, and markets will respond best to a Conservative victory.

Investec Structured Products has raised £3.8m for its first VCT launch.

The FTSE 100 plunged 1.95% this afternoon as miners continued to weigh on the index following Australian plans to levy a 40% tax. The index fell 108.4 points to 5,444.89.

Miners fell sharply this morning on news the Australian government plans to introduce a new 40% tax on resource projects from July 2012.

The FTSE 100 was at 5599.81, a rise of 0.24% or 13.20 points in early morning trading following strong first quarter results from some groups.

Standard & Poor's has downgraded Spain one notch from AA+ to AA, pointing to a slower than expected growth rate.

Jubilee Financial Products' head of distribution Ian Millward has left the business to focus on freelance projects.