The managers of a new equity fund say the big re-rating of Russia is over. It is time for a new type of fund that can prosper in a downturn, they argue. Julian Evans reports.

There’s widespread agreement that there are too many portals providing FX prices but consolidation has been slow. Is the market going to stop waiting and roll out multi-asset platforms instead?

After weeks of confusion, Turkey’s central bank has a new governor. Analysts hope he will preserve the largely successful policies of the outgoing chairman. Durmus Yilmaz has been appointed to replace Sureyya Serdengecti, who retired on March 14 after five years in charge. The appointment follows weeks of uncertainty after staunchly secularist president Ahmet Necdet Sezer turned down the AKP government’s initial suggestion of Adnan Buyukdeniz, chief executive of Albaraka Turk, an Islamic bank.

Vietnam’s first flirtation with western fund management ended in an embarrassing exit for all but the die-hard few. Now that money is queuing to get in again, those who stuck it out through the downturn advise caution. Chris Leahy reports.

The enormous growth potential of the Turkish banking sector is attracting a lot of attention but the mortgage business, one of the industry’s biggest attractions, is suffering from profit shortfalls because of a lack of well-matched funding opportunities. Covered bond issuance and the imminent reawakening of the Turkish lira corporate bond market could provide a much-needed boost. Peter Koh reports.

Central Asia, a stronghold for dictators, poverty and corruption, doesn’t at first glance seem to offer fertile ground for high investment returns. But this is precisely what some of the region’s more intrepid investors hope to find and profit from. Kathryn Wells spends a week on the road with two hedge fund managers, on the lookout for opportunities on this new frontier.

Goldman Sachs has reshuffled its Latin American investment banking team by naming Eduardo Centola and Martin Werner as co-heads.

With EU accession for Croatia still a few years away, the country’s financial authorities are focusing their attention on developing the local bond market. Oonagh Leighton reports.

London is seen as the property hotspot in 2006.

The rush of foreign investment into central and eastern Europe has undoubtedly improved standards of corporate governance. But the results of this year’s Euromoney survey of the best companies in the region reveal that some state-owned companies that might prove difficult to acquire also rate highly for their management standards. Lawrence White reports.

Having been fined £6,363,643 in April by UK regulator the Financial Services Authority for failing to observe proper standards of market conduct and failing to conduct its business with due skill, care and diligence, Deutsche Bank must be keen to promote a spotless reputation in all aspects of its business.

Will US issuers start to look at Europe’s institutional markets?

Bankers reckon convertible bonds will be a product to watch in the developing world.

The capital markets are something of an open goal for debt issuers at the moment – spreads are tight, and investors want to put their money to work.

(May 2006) It is early days but US issuers are seriously considering covered bond issuance. There are economic and regulatory reasons why this makes sense.

Lehman Brothers has incorporated its European structured finance syndicate and the short-term credit business into its wider syndicate platform. Lorenzo Frontini, European head of syndicate, now has Brett Olson, Edward Rose and Yekaterina Antropova, who are responsible for structured finance, reporting to him. Jon Ford, who runs short-term credit reports to Frontini geographically and Paul Feidelson, global head of short term credit.

ResCap was able to pay back its domestic debt owed to GMAC ahead of market expectations following a $3.5 billion multi-tranche transaction ($1 billion of three-year sub, and $2.5 billion of senior – split into $1.75 billion of seven-year and $750 million of three-year).

A collection of valuable photos brought together by Refco over three decades is on sale at Christie’s in New York in an attempt to raise money to help pay back the $16 billion the commodities trading firm owes to creditors. Works by such photographers as Richard Avedon, Diane Arbus and Andres Serrano are included in the collection, which is expected to raise north of $6 million.

Boaz Manor, co-founder of Canadian $800 million hedge fund Portus Alternative Asset Management, says he doesn’t know what has happened to the $8.8 million-worth of jewels he bought with investors’ money, according to a lawyer investigating the fund’s failure. Manor is currently in Israel after fleeing there after his company’s meltdown. In total about $700 million has been secured after being found in 130 Portus bank and investment accounts in Canada, the Turks and Caicos Islands and the Cayman Islands, says the local press. Where the jewels are remains to be seen. Creditors meet in June.

Equity derivatives dealers have set up an industry group to improve trading efficiency and iron out operational issues in their market.

China-focused forestry company falls behind in land acquisition.

IMF responds to Nielsen accusations

Hybrid structured products – cross-asset-class investments – are finally starting to make a significant impact with investors. Banks report increasing demand from those looking to trade several market views via a single instrument to instantly reap the benefits of portfolio diversification. But with increasing sales come new challenges, such as the pricing of correlation. How are hybrid structured product makers faring?

“I tried really hard not to use the words ‘dead cat bounce’ when we met.”

Uses of securitization to fund US buyouts is getting ever more innovative.

BNP Paribas has topped the investment grade section of the Euromoney credit research poll for the past three years but this success has not stood in the way of a shift to a new research model.

Fund managers with medium-size AUMs can be successful.

More than a few doubts have been raised about the rumoured plans of state lender China Construction Bank to buy a major stake in US investment bank Bear Stearns. However, sources in the firm’s Asian head office believe the plans are serious. “I haven’t seen a lot of guys with white socks walking around the office yet,” says a senior employee, “but there’s definitely truth to the rumour. It’s typical Bear strategy: late to the party, perhaps, but a smart call.”

No, you didn’t misread the headline. This year’s re-rating of the Philippines’ economy recently pushed short-term yields to four-year lows and even inside their US counterparts’ temporarily, according to ING. Could the unthinkable be happening? Might Asia’s perennial underachiever be about to turn the corner?

Looks to have got bargain with its $775 million purchase of spot broker.