Off the record

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"The problem for the hedge fund industry is finding alpha, which at the moment is as rare as rocking-horse shit"

A head of markets is worried about how to service some of his most important clients


Banker A: "Did you see how well our Sberbank deal did? And we’ve got big oversubscriptions for others. The markets are back"

Banker B: "So the hedge funds are all risk-on again? Oh, great"

Euromoney keeps quiet at this particular cocktail-party exchange


"Rothschild apparently has a no champagne policy. How unbelievable is that? A no champagne policy!"

An old-school investment banker is incredulous at the corporate entertainment policy of the blue-blooded bank during the Olympic Games


Euromoney: "What do you feel is the most unexpected and inexplicable characteristic of the markets at the moment?"

Senior banker: "The fact that UBS is still in business"


"They are constantly roaming our office and those of our peers. It’s not good for anyone’s business"

A transaction banker is worried about scrutiny from regulators after the fines handed out to HSBC and Standard Chartered