Investment General

Shares in 'zombie' fund specialist Phoenix Group rose yesterday on the back of a proposed takeover offer from private equity firm CVC Capital Partners.

Capita Financial Managers, which wants Arch Cru investors to accept a payoff linked to the sale of assets from the suspended fund range, has admitted that three-quarters of the remaining value of the cells is uncertain.

Former New Star head of fixed income, Theo Zemek, today told of the "appalling" atmosphere at New Star under former CEO John Duffield, in the latest twist in the employment tribunal brought by Patrick Evershed against his former employer.

Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, is to step down and cede his multi-billion dollar $4.7bn Value Trust to Sam Peters.

Morningstar has changed its methodology for rating closed-ended funds, with the aim of making it easier for investors to compare risk-adjusted performance against open-ended equivalents.

Wealth manager Ashcourt Rowan is to receive an £8.5m cash injection designed to strengthen the company's balance sheet and help it realise its ambitions in the financial advice space.

The euro weakened this morning as the cost of insuring French bonds climbed to a record, Spanish yields rose and european equities retreated for a second day.

Patrick Evershed lost his cool on his last day at New Star, attacking the firm's CIO for preventing him topping up a position in HBOS, an employment tribunal heard today.

January to March is the traditional EIS and VCT fundraising ‘season'. Matthew Brow, partner at RAM Capital Partners which markets the investments, gives a rundown of the New Year benefits on offer.

Ratings agency Standard & Poor's (S&P) was last night at the centre of a storm after it accidentally downgraded France's AAA rating.