October 2004
| Euromoney October 2004 Asset managers' clients are increasingly demanding specialist input to mandates. It's a demand best met by boutiques or big firms that have set up boutique-like teams. Deutsche Asset Management has been tardy in responding to these pressures. It is now changing its style, but has it left it too late? |
Euromoney October 2004
As Euromoney goes to press, Santander is set to take over the UK's Abbey National, propelling the Spanish bank into the frontline of European retail banking. But the past won't go away for Santander chairman Emilio Botín. The Spanish courts have ruled that he has serious charges to answer. At the same time minority shareholders who harangue him at Santander's AGM are planning to put their case to Abbey investors in London. Ben Sills reports from Madrid.
Euromoney October 2004
For years, Thai Military Bank remained an anomaly in Thailand's financial sector. Founded by the armed forces to provide financial services for their personnel, the bank has struggled with both its business and identity. Having just completed Thailand's only three-way banking merger, management aims to change all of that.
Euromoney October 2004
It has been a stop-start year in the international debt capital markets, with banks themselves the latest group of issuers to take advantage of investors' search for yield by raising low-cost funds. Banks' capital markets desks are struggling to sell corporates on the joys of leverage.
Euromoney October 2004
As this year's Euromoney poll indicates, the banks that best satisfy their clients' risk management needs are the ones that have succeeded in integrating the function into the teams that offer capital raising products.
Euromoney October 2004
In the past two years, Swedish private-equity house Industri Kapital has endured a protracted and difficult fund-raising process for its fifth fund, which ultimately closed at just a third of the original e2.5 billion target size. But after responding to investors' concerns by returning to its small to medium mid-cap focus and achieving a string of highly lucrative exits this year, the future looks brighter.
Euromoney October 2004
The University of Virginia's endowment fund has put itself at the cutting edge of investment from university funds, wringing out high returns by inspired market timing and bold allocations to alternative asset classes. But can it keep working the magic, especially as it is looking for new leadership?
Euromoney October 2004
Wealthy Americans are getting more demanding when it comes to investment advice. Independent advisers claim to have tapped significant client defections from full-service brokers. The brokers say this is not happening. What's clear is that objective advice is a crucial selling point. Brokers need to do more than pile up new product offerings and must focus on their strengths, being prepared to offer their competitors' expertise when they lack it themselves.
Euromoney October 2004
After years of negotiations, Serbia has signed a deal with London Club creditors to restructure about $2.8 billion in debt. The deal paves the way for the sovereign's return to the capital markets later this year. But how will Serbia be received there, and who did the deal favour?
Euromoney October 2004
Growing investor interest in foreign exchange as an asset class is leading to a rapid expansion of volume and has prompted service providers to offer new products featuring greater speed, transparency and efficiency.
Euromoney October 2004
A burst of primary market activity in Europe last month had equity capital markets bankers predicting a busy fourth quarter. This might be wishful thinking. Although historical data suggest that the months after a US presidential election are usually relatively buoyant, confidence surveys indicate that equity investors are still in cautious and highly selective mood.
Euromoney October 2004
Latin American domestic structured issuance has caught up with the more established cross-border market, thanks in large part to the work of the International Finance Corporation and structured products expert Lee Meddin. But this is just the start of Meddin's plans for the emerging markets, with Latin America likely to take a pioneering role again.
Euromoney October 2004
Automation of short-term investment is at the cutting edge of cash management, but deciding how to take advantage of this is not easy. Banks are making an effort to rationalize the routines involved.
Euromoney October 2004
Euromoney's annual cash management poll shows surprising results. A familiar group of leading banks continues to slug it out for market share leadership but the names customers rate most highly in qualitative rankings are often not those that lead the quantitative league tables.
Euromoney October 2004
Euromoney October 2004
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Euromoney October 2004
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Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
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Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
While the Gazprom-Rosneft merger will make FDI in Russia easier, Ukraine's attempt to keep the retail petrol market competitive is on hold.
Euromoney October 2004
Property company mixes secured and unsecured debt technology to preserve operational flexibility after its refinancing.
Euromoney October 2004
Japan got through deflation in its own sweet way and its recovery is also idiosyncratic. In the long run the yen will slide but for now conditions will favour foreign investors, holding up the currency.
Euromoney October 2004
Euromoney October 2004
Euromoney October 2004
The SEC's authority to reform the US funds sector is coming under fire — even from law firms. Legal action against the SEC is being expected in some quarters.