October 2007
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LATEST ARTICLES
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Buried deep in the announcement of Morgan Stanley’s third-quarter earnings results was a substantial hit from the bank’s newly built hedge funds business.
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Rumours that RBC Capital Markets had let go up to 40 sales and trading officials in the US were firmly denied by officials at the Canadian bank, who refused to comment on possible redundancies.
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UBS has continued the revamping of its European debt capital markets business instigated by Roberto Isolani – who became head of fixed-income capital markets, for EMEA and APAC, at the start of this year.
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Credit Suisse has appointed Michael Fouad Chahine as global head of Islamic banking distribution. The bank is expanding its platform to distribute Shariah-compliant products. Chahine, who will be based in Dubai, will coordinate the existing Islamic banking businesses across Credit Suisse’s investment banking, private banking and asset management divisions to build a distribution centre in Dubai. Chahine has been with Credit Suisse since 2000. Most recently he was head of strategic initiatives in Dubai.
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A year ago, fund managers and analysts were confidently predicting as many as seven landmark IPOs on Vietnam’s stock exchanges in 2007, raising as much as $1 billion each.
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Hedge funds are supposed to perform well when mainstream markets are falling: that’s when their capacity to go short and their managers’ selection skills have the best chance to outperform long-only managers that do no better than replicate the index. That’s when they earn their two and 20. At least, so the theory has it.
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As volatility spreads across the debt markets, the CMBS market is taking stock. Property derivatives are likely to increase volatility in the market and contribute to spread widening just as refinancing activity – a significant driver of CMBS volumes – slows. But as competition between commercial lenders and conduit lenders expands across Europe, the market is looking to new jurisdictions to maintain growth.
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"Interest rate cuts will be like Viagra – an artificial stimulus that doesn’t cure the underlying problem"
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Dresdner Kleinwort has hired Vasily Kirpichev as managing director and head of client coverage for Russia and the Commonwealth of Independent States (CIS). Formerly head of investment banking at Vneshtorgbank, Kirpichev will be responsible for origination across M&A, equity, debt and other areas. Based in Moscow he will report to both Berent Wallendahl, global head of client coverage in London and Igor Lojevsky, chairman of global banking and capital markets, Russia and CIS in Moscow.
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The first European bank to be cleared to use one of the new Basle Accord’s advanced approaches – and reap the rewards – is not headquartered in London, Paris, or Frankfurt. It doesn’t inhabit a gleaming tower in Milan or a grand old office block in Madrid. Strictly speaking, it’s not even a bank. Duncan Wood reports.
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Absolute Capital Management is restructuring five of its equity hedge funds following the departure of co-chief executive officer Florian Homm, which prompted in excess of $100 million of redemption requests for funds with up to $530 million invested in illiquid US stocks quoted on over-the-counter bulletin boards. Chief executive Jonathan Treacher calls the affair "a significant distraction".
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Flotation gives big boost to Zagreb market.
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The fallout from sub-prime worries in the US has cast a pall over the equity issuance plans of Russian companies in the wake of the volatility that rocked global stock markets over the summer.
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Growth highest in Russia and the CIS.
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The developments will heat up the battle between Qatar and Dubai to become the Middle East’s financial centre.
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Lebanon’s economy is crumbling. Its public debt is breaking new world records. It has been teetering on the brink of civil war for the past 10 months. But none of this has stopped Dubai-based Shuaa Capital, one of the Middle East’s leading investment banks, opening a branch this September in Beirut. Why?
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A prolonged liquidity contraction is irrevocable, whatever happens in the spuriously autonomous real economy.
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Cash management is a hugely attractive business for the banks that have ended up at the top of the consolidation pile, with earnings stability and high returns on equity. And despite reductions in activity because of such developments as the Single Euro Payments Area, new business is emerging in white-labelled products and financial supply chain management. Laurence Neville reports.
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As the loan market revives, both buyers and sellers are struggling to establish the upper hand.
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Investors may have learnt the lesson that bonds aren’t supposed to provide equity-like returns.
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The industry collectively did not cover itself in glory during the August/September correction. But there is now a rich environment for a wide range of strategies, says Nick Evans, editor of EuroHedge.
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Authoritative Triennial Central Bank Survey confirms FX volumes have grown at an astonishing rate.
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In the light of the troubled times the covered bond market has found itself in, the European Covered Bond Council has proposed to establish an emergency committee.
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Pfandbrief issuers were notable by their absence as the covered bond market descended into chaos.
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Write-downs in the leveraged loan market can raise more questions than they answer.