Mercer strips Pimco funds of top rating

Consultant’s downgrade triggers review by UK pension fund client

RAC van

Buyout managers face investor competition

Years of low interest rates push big funds to invest cash directly

Multibillion cross-border deals return

M&A activity is at a level dealmakers have not seen since 2008

Asset-backed securities: Back from disgrace

The ECB is pinning its hopes on a discredited symbol of pre-crisis financial engineering

Deutsche Bank withholds bonuses

Executives will not receive latest instalment of 2011 pay

Inflexion raises £1bn for private deals

Investment group targeting small to medium sized companies

©Charlie Bibby/FT

Stamp duty revenues rise by one-third

Million-pound home buyers paid almost £2bn of stamp tax last year

Royal Bank of Scotland: conference season

Ross McEwan has soothing words for the Merrill Lynch banking conference

ECB pushed to take ‘junk’ loan bundles

Relaxation of rules likely to face German opposition

Kenya sees GDP grow 25% after revision

East Africa hub economy may be able to apply for commercial loans

Local authorities turn to capital markets

Investor appetite for public sector debt has increased

Irish house prices less affordable than UK

Property values in Ireland now five times higher than average incomes

Wonga profits halved as clampdown bites

Payday lender reports exceptional charge of £18.8m

Gross exit from Pimco tests bond market

Fund redemption fears rise, but patient investors may be rewarded

ICAP cuts jobs and shuts desks

Interdealer broker to take charge of £35m-£45m as revenues fall

Saga seeks to regain ground

Finance chief Howard plans to quit

RBS buoyed by better economy

Improved economic activity and property prices help recovery

Hong Kong ups game as competition rises

Special administrative area is working hard to maintain its renminbi dominance

Global ambitions for renminbi sow domestic risks

China is picking its way carefully towards internationalisation

Singapore as regional hub for intra-Asia commerce

Island nation’s overtaking of London reflects different growth paths for competing centres

Financial centres vie for slice of the pie

Rivals aim to establish trading infrastructure for fast-growing sector

People’s Bank of China seeks to combat complacent perceptions

The renminbi is no longer a one-way bet but it is still far from being freely traded

Greenberg suit claims AIG was penalised

Opening day of trial hears US government charged insurer an ‘extortion interest rate’

DTCC and Euroclear in collateral pool deal

Securities depositories to ease search for assets to back trading

Vista puts Misys on the block

Private equity group looks to sell financial software provider

Bonus clawbacks will burnish City prestige

Test will come when banks try to recover incentives

PNC buys advisory boutique Solebury

Deal provides US regional lender with foothold in IPO market

Fees are a scourge on pension funds

Data show high fees are biggest contributor to poor performance

Pimco move highlights clout of Bear alumni

Ivascyn used to work in collapsed bank’s ABS group

Lloyds fires eight over rate-fixing claim

Bank will hold back £3m in bonuses

Alibaba affiliate wins China bank licence

New operations increase competition in banking sector

Insurers examine home truths

Market shifts to products such as equity release mortgages

Quindell seeks to silence market rumours

Company ‘knows of no reason’ why its shares are at 15-month low

UBS warns of fines after forex probe

Swiss bank says some authorities have initiated settlement talks

Aberdeen fund outflows slow

Fund manager says markets will remain volatile

US consumers start to lighten up

Household confidence is at its highest level since 2010

Bostock promoted to head of Santander UK

Former RBS banker replaces Ana Patricia Botín

Business not quite as normal in Hong Kong

Bank branches shuttered as stock market wilts

UK mortgage approvals fall sharply

Bank lending to companies also dips

Knight Frank to build on London success

Estate agency group looking to expand sales-office network

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