Are investment banks playing with fire with hedge funds? Will their increased exposure to the hedge fund community provide more risks than rewards? This month, our capital markets editor Geraldine Lambe examines the lucrative relationship between the banks and the funds, the additional risks attached, if any, and the impact on liquidity during market stress.
Also in this issue, the under-secretary general of the United Nations for Economic and Social Affairs, Jose Antonio Ocampo, outlines the diverse solutions needed to boost growth in Latin America; Hong Kong’s financial secretary, Henry Tang, describes the resurgence in the region; and KV Kamath, managing director and CEO of India’s second largest bank, ICICI, explains his technology strategy for growth.
In a new development, The Banker introduces Corporate Showcase 2004, a watch list of 36 companies from across the globe that we believe have outstanding prospects and potential in 2005.
In Capital Markets this month, we talk to Rick Leaman, co-head of global M&A at UBS, about how the European bank took on the US giants on their home turf. Our Team of the Month is Credit Suisse First Boston, for its role in bringing Russian Rosbank’s first international issue to the market – and Russia’s first bond to be backed by credit card receivables – in a fairly challenging environment.
In Issuer Strategy, steel maker Corus talks about its first straight bond issue and why it went back to the market to tap it a second time. From South Africa, we report on Yield-X, the combined bond and interest rate derivatives platform that launched last month and hopes to kick-start a lifeless exchange-traded derivatives market.
In FX & Derivatives, we look at how exchanges and clearing houses are seeking growth in new business lines and how banks are responding to the challenge. Changes to the new accounting standard may be small but, in Cash & Securities Services, we report that they may have broader ramifications for some banks’ compliance efforts.
In Western Europe, credit rating agencies come under scrutiny and, further east, we examine the boom in Russian retail and investment banking, list the Top 50 Russian banks and study Bulgaria’s plans to join the EU.
In China, Morgan Stanley discusses its profitable strategies. In Americas, Brazil’s Banco Bradesco describes its impressive income growth, we examine the value of Chile’s economic and social model and report on financial services in Bermuda in a special supplement. In Africa, we list the Top 100 African banks and, in the Middle East, we look at the boom in project finance in Qatar and a special supplement focuses on the opportunities available in Iran.
In retail, we examine Rabobank and in technology we look closely at trading systems and Jon Saxe, CIO at Morgan Stanley, discusses the importance of reliability.
