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The 2008 Global Awards for excellence

7 the average percentage return of US IPOs one month after listing so far this year.

Drake Management, the $11 billion global macro fund, has said it will be shutting its two remaining funds after poor performance. Its largest fund dropped 24% last year. Anthony Faillace, Drake’s CIO, has built up a solid reputation, however, after the fund returned more than 40% in 2006. The firm is expected to create some successor funds for investors that want to stay with it.

Bankers that cover financial institutions’ debt capital should be in greater demand than ever given market turmoil surrounding their client base. Banks have always been the largest component of debt new issues but now are forecast to dominate primary flows to an even greater extent because of their pent-up demand for financing. Not only are many of them in desperate need of funds following the closure of structured finance markets, they are also selling bonds that earn underwriters a greater amount of fees than was the case pre-crunch.

Although neither of Switzerland’s biggest banking groups have covered themselves in glory over the past 12 months, in the domestic market things have been more characteristically stable.

Despite Banco de Chile’s best efforts, Banco Santander retains the title of best bank in Chile for another year. For 2007, the bank registered a record profit of $624 million, up 8.1% from the previous year – and faster than the 8% growth for the Chilean financial system.

Paraguay is yet to embrace the capital markets and is ranked as not only one of the poorest countries in Latin America but also one of the most corrupt, even after becoming a democracy more than 20 years ago. In August, Paraguay will have a new president, Fernando Lugo, and with him comes renewed hope that corruption will be brought under control and Paraguay can realize its potential.

The transatlantic exchange group this June announced a strategic partnership with the State of Qatar to invest $250 million in a 25% stake in the Doha Securities Market. The DSM will adopt NYSE Euronext technology and gain an international partner while NYSE Euronext will gain a foothold in the fast expanding Middle East.

Being a big fish in a small pond helps Fortis stay ahead of the competition in the Grand Duchy.

Standard Chartered has opened a branch in Paris to tap into the considerable flow it already sees from French corporates and financial institutions. The bank says the branch will facilitate access for those French firms looking to capitalize on the huge investment flows between key markets in Asia, Africa and the Middle East. The team in Paris will be led by Raoul Leblanc.

Scotiabank Jamaica has actively pushed its small business banking unit, launched in May 2007. Four products have now been introduced – two credit cards, a non-revolving loan and a credit line for small businesses. As of March 2008 a total of 3,172 credit cards from across the banks’ businesses were in circulation.

The rivalry between BBVA Banco Continental and Banco de Crédito del Peru (BCP) continues. This year BBVA Continental pips BCP at the post for best bank because of its innovative moves in the mortgage market, even though it is second in the rankings by total assets and loans. In December 2007, the bank issued a $25 million residential mortgage-backed securitization. This was the first issue of an authorized programme of $100 million, and the first RMBS operation in Peru. Two different securities, backed by the same SPV, were issued: senior instruments for $23.75 million, and junior instruments for $1.25 million. The demand for both these instruments reached $42 million, more than 70% over the amount offered – demand came from local institutional investors.