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January 2007

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  • "We’ve reduced equity market exposure by 10% – from Asia, Europe and the UK – but still view equities as the best asset class."
  • Lombard Odier Darier Hentsch’s US dollar, low-risk portfolio caters to high-net-worth clients who want to preserve their money over the long term but are also looking for performance.
  • Roger James reports on why the market might finally be ready for takeoff.
  • Volume and profits in the FX market have grown more consistently than in any other part of the financial markets. New entrants and existing users still cannot resist the promise of diversification and excess return.
  • Another record year for financial institutions suggests no end to the boom in global financial markets. But they may be ignoring underlying economic conditions that threaten global growth and might cause a severe correction in the global capital markets, says Clive Horwood.
  • It is traditional around year-end for awards to be received for deeds performed during the previous 12 months. We hereby announce Euromoney magazine’s inaugural awards for high-quality press relations. We did not ask for submissions as we are constantly bombarded with incidents from which to choose.
  • The wonderful world of financial PR
  • Corporates need to recognize that they need to care about their CDS investors and that the old attitude of concentrating on the requirements of bondholders alone will no longer wash.
  • Has anyone seen this man?
  • “I’m afraid he says he is unable to speak with you at the moment.”
  • The best agency players make attractive acquisition targets.
  • Mizuho Securities is building its structured credit and debt capital markets business.
  • It could be that the bank is simply too large, and only disposals can change the culture. But the recent changes are, to date at least, a missed opportunity.
  • The UK private banking market is in rude health. However, although London still dominates, banks are throwing resources into regional growth. The biggest obstacle to organic growth is the lack of suitable talent to drive this expansion. Banks have to decide on the best business development strategy – acquisition, organic growth or servicing from the City? Julian Marshall reports.
  • One market segment – banks – has been noticeably absent from the glut of Russian companies rushing to undertake IPOs in recent years. Is there now a danger that, after the long wait for exposure to Russia’s banking sector, investors will be overburdened with supply? Kathryn Wells reports.
  • Rising intra-regional trade and investment are helping to underpin the economic fortunes of the states that formerly constituted Yugoslavia. Guy Norton takes a look at three examples of a stock exchange, a fund manager and private equity.
  • Southeastern Europe is experiencing a retail lending boom. Although this credit expansion is helping the region’s economies to grow, there is concern that it is putting pressure on banking systems. Sudip Roy explores the dimensions of that risk and weighs up what the authorities are doing to mitigate it.
  • Car parks that rival Monaco for the quality of the marques, apartment prices that rival those in New York, but a stock exchange capitalization of only $50 billion. That’s Almaty. Kazakhstan’s government hopes to develop its capital markets and create a financial centre there for all central Asia. The buildings are going up. Will there be enough tenants to fill them? Chloe Hayward reports from Almaty.
  • Alongside the announcement that it was raising its key interest rates by 25 basis points last month, the European Central Bank released the latest set of growth and inflation forecasts prepared jointly by the staff of the ECB and the euro area national central banks. ECB president Jean-Claude Trichet is always at pains to emphasize that these “projections” – which are shown as ranges, rather than point estimates, to reflect the uncertainties associated with past forecasting errors – are published on the responsibility of the staff and are not formally endorsed by the ECB’s executive board or its governing council.
  • January is the month to purge the excesses of Christmas and New Year from the system. Detoxing won’t be so easy for the markets.
  • The influence of investors in credit default swaps has conspicuously failed to match the growth of the market itself. But a recent restructuring could be the watershed moment that changes the credit markets for ever. Has the ground shifted beneath corporate issuers’ feet without them even noticing? Louise Bowman reports.
  • Traditionally seen as great for service, but second best in investment performance, private banks have been polishing up their act, investing in research and third-party products to diversify portfolios and win back market share in asset management from other financial service providers. FTSE PriBIL’s Private Banking Indices show that high-net-worth individuals should be taking private banks’ portfolio management more seriously. Plus we profile three of the banks that outperformed it. Helen Avery reports.
  • Western investment banks are competing to acquire Russian investment houses, while the chief executive of VTB, the country’s second-largest bank, is prioritizing either the acquisition of a local investment bank or the establishment of a partnership with an international player. But can domestic banks successfully compete with their international rivals in the longer term? Kathryn Wells reports.
  • Farouk Ramzan has joined Lloyds TSB as head of debt origination reporting to Mark Grant, head of DCM. Ramzan was a long-standing member of SG’s debt team where he was head of UK corporate DCM.
  • Hundreds pushed out at Dresdner just ahead of bonus round.
  • Abuse of information prompts worries about integrity in credit markets.
  • Wealth managers are muscling in on the fund of hedge funds business.
  • Marina Bay Residences: Singapore’s “first Über Penthouse”
  • Is it really likely that DK will now be able to persuade better-quality individuals to join the firm? It might be struggling to retain the ones that are left.
  • The May-June 2006 markets crunch was a dress rehearsal for liquidity implosion. And, in an alarming trend, the Eurasian savings glut is increasing, sustaining Goldilocks short-term but aggravating the potential global demand deficiency. Charles Dumas argues that a hard landing followed by poor recovery is the natural consequence of the glut.