One of the best known figures in UK investment, Justin Urquhart Stewart, is to take on a new ambassadorial role at 7IM, the company he co-founded, as he retires and steps down from his full-time position with the firm.

Old Mutual Wealth has agreed to sell its Single Strategy investment business to TA Associates, a private equity firm, for £600m.

Schroders has published its interim management statement covering the nine months to 30 September 2015 which shows pre-tax profit up 12% to £453.2m.