Neil Woodford will be assisted in his new venture at Oakley Capital Management by Nick Hamilton, formerly a head of product at Invesco Perpetual.
Former BBC economics editor and now J.P. Morgan Asset Management's chief market strategist for the UK and Europe Stephanie Flanders give her run down of what investors can expect in the year ahead.
Ratings agency Fitch has downgraded the UK to AA+ from AAA, citing a weaker economic and fiscal outlook.
Moody's has stripped the UK of its AAA credit rating on fears over rising government debt and years of slow economic growth ahead.
Barclays has confirmed Sir David Walker will succeed Marcus Agius as chairman of the bank on 1 November, following press reports yesterday.
Sir David Walker, a former deputy governor of the Bank of England, will become the new chairman of Barclays, according to reports.
The UK economy shrank by 0.7% in the second quarter of the year, a far worse contraction than economists had forecast, keeping the UK mired in recession.