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December 2005

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  • Latin America’s two biggest equity markets have agreed to integrate as part of a pilot scheme to bolster liquidity in the region. Brazilian and Mexican investors to gain access to each other’s markets.
  • Middle Eastern private investment and advisory firm Injazat Capital is launching a $100 million Islamic-compliant healthcare fund this month.
  • Brazil’s biggest private sector bank is a retail powerhouse. But Bradesco’s president Márcio Cypriano tells Sudip Roy that the bank intends to beef up its capital markets business.
  • Morgan Stanley took the most M&A advisory mandates worldwide in the first half of the year, but Goldman Sachs had edged ahead again by November.
  • GSAM's boutique structure provides a potential model for other asset managers.
  • It is one of the great ironies of the European bond market that one of the largest market distortions occurs within the sovereign sector and are caused by the direct actions of Europe’s sovereign debt managers. The regulatory environment in Europe is tighter than ever, with the EU taking an aggressive and sometimes misguided stance in its aim of eliminating distortions in the capital markets, notably with its Market Abuse Directive and MiFID. And yet, despite all the EU’s talk of market efficiency, it ignores the market abuse happening right under its nose.
  • Citigroup to take on $11 billion of risk in a single package.
  • The procedure is an important step towards the cash settlement of the entire CDS market.
  • The exchange traded fund market is an area in which Barclays Global Investors can lay solid claim to being more successful than State Street Global Advisers. BGI has built up its ETF business (iShares) in five years to a level of $178 billion, compared with SSgA’s $80 billion.
  • Thai and Malaysian companies performed strongly in this year’s annual survey of which companies leading financial analysts rate as the best in Asia. Paul Pedzinski reports.
  • London-based Nikolaus Hohenberg has become UBS’s new head of debt capital markets financial institutions group Germany. He replaces Martin Keutner, who has moved from London to Zurich to work at UBS Wealth Management. Alongside Hohenberg will be Joerg Mueller, who is working more closely on enhancing the covered bond effort. In the summer, UBS also hired Mariano Aldema and Miguel Pinto to its Iberian FIG team with the aim of boosting its Cedulas business.
  • Standard Chartered has gained management of the White Pine structured investment vehicle from JP Morgan Chase. The transfer, in addition to the Whistlejacket SIV, makes Standard one of the larger players. White Pine was established by Banc One by structured finance stalwart, Jim Irvine. Apparently an internal team led by Irvine also bid to take over management of the vehicle. This is a business where economies of scale matter. The size of White Pine is $8 billion while Whistlejacket has $6.5 billion. But Standard Chartered is still some way behind the largest SIV, Sigma, which has $30 billion under management.
  • Noriba exits some investments early after strong performance.
  • Wiphold (Women Investment Portfolio Holdings) is one of the best-known Black Economic Empowerment (BEE) companies. From its headquarters in the exclusive northern Johannesburg suburb of Houghton (Nelson Mandela has a house just up the road), Wiphold has spent more than a decade helping South Africa’s women share in the country’s wealth.
  • The world’s largest foreign exchange banks have made a mistake in streaming prices to scores of electronic platforms and inviting everyone to participate in them. Now, they want to take back control. As Lee Oliver finds out, a new bank-only system is being touted as the answer. Who is behind it, and will it succeed?
  • “Around three years ago we read in Euromoney and other serious financial publications that we had a big problem with our banks. So we decided to do something about it... and that is why we have achieved what we have achieved in reforming the bank sector.”
  • Investment banks need to think carefully about which institutions they market their services to.
  • Can wealth management truly thrive within the confines of an investment bank?
  • The wounds from the region’s financial crisis may have healed on company balance sheets but the trauma remains
  • Proposals in the French budget bill for 2006 and discussions in parliament last month could lead to significant changes in France’s public sector debt and risk management. Risk management role for AFT as Cades remains separate borrower.
  • Trichet’s statements have profound implications for some EU member states
  • As banks get ready to divide up their bonus pool in December or early January, some fixed income traders had better get ready to be disappointed.
  • Hidden issuers are using swaps rather than bonds
  • Report says lower risk weighting will encourage banks to look at MMFs.
  • Conditions attached to buy-out completion is more a sign of desperation than discernment.
  • First non-investment grade trade shows the spoils to come in distressed debt trading.
  • Wondering what to do with that well-earned bonus? Embarrassed by unsightly bulges when you’re working out at the gym?
  • JPMorgan Asset Management has won entrepreneur Sir Alan Sugar’s City of London contest to raise money for the Hackney Empire, an east London theatre. Eight firms competed in the challenge, based on TV programme The Apprentice, which started in the UK in October. The aim was to raise as much money as possible. JPMorgan raised almost £98,000 of the £195,000 total.
  • It may not be the sort of lead arranging mandate Deutsche Bank normally undertakes, but it’s for a very good cause.
  • But Singh’s government must hold steady on the road to reform.