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LATEST ARTICLES
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The investment firm founded by securitization experts in 2015 has grown to an $8 billion portfolio of 60 companies without managing any third-party funds and still sees big potential returns, notably in football clubs, from applying the discipline of structured finance to operating businesses.
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A new study attempts to quantify the damage of 2022 for sovereign wealth funds. Beneath the numbers are tumultuous levels of deal activity, as funds tried to take advantage and position for the long term.
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Sovereign wealth and pension funds have poured into private and illiquid asset classes over the last 10 years.
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Last week’s financial summit aimed to show investors Hong Kong is open for business. While well attended, it also served as a reminder of how closed off the financial hub has become and how much of its lustre has been lost.
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Qatar has spent 12 years and more than $200 billion preparing for the World Cup, which kicks off on November 20. What happens when the games end and the tourists leave?
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New trading protocols offer some hope that investors may find the other side of the trade, but turnover in normally liquid bonds can suddenly collapse.
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Groups such as Ontario Teachers’ Pension Plan, CDPQ and British Columbia Investment were forerunners in the development of new private-market asset classes, particularly infrastructure. Euromoney traces the evolution of the funds’ approaches and scale to the point where they are desired partners for private assets worldwide.
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Plans to incentivize foreign capital aim to boost capacity, with a new internal ‘investment bank’ to drive growing pipeline.
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A Singapore-based investment vehicle fronted by former Commonwealth Bank of Australia CFO Rob Jesudason aims to invest in financial disruptors that will complement the industry without reinventing it.
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Douglas Flint, former HSBC chair and current chairman of Abrdn, talks to Euromoney about climate change, his hope for the future and how he convinced CEO Stephen Bird to join the firm over fish and chips and a pint in an Edinburgh pub.
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Opening up personal and small business loans as an asset class for retail investors brings rewards as well as the obvious risks.
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Fintechs are caught in a brutal competitive squeeze between losses on businesses they are good at and the urgent need to offer new ones.
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Private equity has been slow to join the ESG revolution. More firms are waking up to the opportunities on offer as well as the downside risks.
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The UK has been hit by Brexit as well as the pandemic, making for poor returns and a weaker recovery. UBS argues that this allows investors to buy while it is cheap.
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East Capital co-founder Karine Hirn began her investing career in Russia in the 1990s before moving to China to head up the firm’s Asian expansion. She discusses the challenges of the Chinese market, why eastern Europe has the edge on corporate boards and why governance is key to ESG.
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There are interesting titbits on Africa, private debt and renewable energy at the Abu Dhabi sovereign wealth fund.
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The Public Investment Fund is unrecognizable from the sleepy vehicle it was until 2015. More risk has led to some bad investments, but the crown prince says overall returns are good. Can they stay that way?
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China’s asset management industry barely existed 20 years ago. By 2030 it will be the world’s second largest. There are myriad ways for foreign firms to get it right – or horribly wrong. Here are Euromoney’s precepts for a better chance of winning – and avoiding failure.
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Environmental, social and governance investors can lend out their securities, but greater communication and transparency is needed for it to work.
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What can we learn from the China Investment Corporation’s latest numbers, which cover the year prior to Covid?
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Environmental, social and governance factors are financially material and the time for debate is over – unless you’re Trump.
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Faced with an estimated $100 billion budget deficit but committed to a vast expenditure programme, Saudi finance minister Mohammed Al-Jadaan explains how he plans to balance the books.
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The government’s resignation this week could pave the way for reform – and unlock essential IMF funding – but is the will to change there?
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The sovereign wealth fund is withdrawing to cash, has seen a once-in-a-generation drawdown and is positioning defensively.
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A new Euromoney podcast series traces the relationship between space and the private sector, from the early Cold War state-funded model of Apollo to one in which venture capital backs the most interesting and visionary ideas.
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Alternative data can tell in near real time the story of economic and financial market disruption now playing out, but asset managers need artificial intelligence to read it.
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Bronte Capital’s John Hempton takes a unique approach to finding the stocks he wants to short; it has given him a cult following in his native Australia and beyond.
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Private lending vehicles that are structured to maximize fees are looking dangerously fragile, and mismarking of asset values could spark legal disputes.
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Euromoney's latest coverage of black gold.
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Expo 2020 showcases economic and business opportunities in Dubai. Bankers hope it will lead to a boom in areas such as SME lending and infrastructure investment, but worry that a short-term lift will not be enough to dispel broader concerns about the country’s economy.
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A snack food firm from Wuhan has completed its $70 million IPO in Shanghai, the first out of the gate since Chinese New Year. Its canny bankers helped get regulatory approval by promising to fund the fight to stem the epidemic.
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As birth rates fall and the UAE government looks at ways to spur population growth, private equity firms see opportunities in IVF.
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Dealmakers are optimistic about a pick-up in large deals and outbound M&A from Europe this year, but the need for regional consolidation is more urgent.
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The asset manager has decided to pull investment from firms that don’t make sufficient progress on ESG disclosure while it routinely votes against climate-related shareholder resolutions itself.
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Mindspace hopes to raise more than $150 million in IPO slated for the end of March; more Reit sales to follow in Mumbai during the next 18 months.
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Partnership with digital investor platform is the latest move by bank’s Sprint fintech team.
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Ethiopia’s IMF deal is a notable step towards addressing its external imbalances and to opening up the country’s economy.
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Itaú retains 49% stake, now equivalent to 10% of the group’s market cap, as rapid growth leads to runaway valuation.
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The first deal under new 19C listing rules will raise $12.9 billion if greenshoe is exercised.
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The Italian fashion house’s sustainability linked loan, arranged by Crédit Agricole, builds the catwalk for other retailers to follow suit.
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Kenya’s parliament passes a law to lift an interest rate cap that has hampered credit growth and economic development, in a move that may pave the way to a new agreement with the IMF.
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New proposals by the SEC have shaken the investor community, threatening the ability of smaller shareholders to file resolutions and potentially preventing ESG issues from being heard.
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Saudi Aramco’s intention to list aims to clear up any doubts wealth managers may have about investing on behalf of women, but it also draws attention to the fact that, despite reforms, the full inclusion of women in Saudi society is still a distant reality.
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Partnership with Ellen MacArthur Foundation aims to raise awareness of circular opportunity in financial sector.
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When renewables private equity group Equis Energy was sold to GIP for $5 billion – $3.7 billion of it equity – investors walked away with well over double their initial investment. The founders of Equis made around $800 million. But why was more than $500 million of the proceeds ringfenced into a vehicle called Equis Renewables, in which the underlying investors did not participate, while the general partners got it all? The story of how those assets got there casts a light on the curious inner workings of modern private equity.
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As in financial advisory, so too in asset management: data scientists are the new talents Lazard is seeking to bring in alongside its portfolio managers and analysts.
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Advocating ESG while investing in one of the world’s largest oil companies is an uneasy truth.
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The locals in Brazil are enjoying their home-field investment banking advantage.
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The gradual erosion of institutional credibility could prove more damaging to Turkey than economic and political shocks.
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Israel has become one of the world’s most important fintech hubs, attracting millions in investment from some of the biggest global brands and venture capital funds. Can its start-up culture now evolve to grow large fintech businesses at home?
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Former DWS head could shake up captive fund model after Flint’s exit.
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Investors should focus on collection and recycling to have the greatest impact in targeting plastic waste.
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OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks.
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Last year was key in the development of one of Oceania’s more unexplored yet potential-rich economies. Its inaugural $500 million sovereign dollar bond caught light and its hosting of the APEC Summit was a hit. The country now needs investment to unlock myriad opportunities in agriculture, power, infrastructure, telecoms, financial services and tourism.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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The investment landscape is shifting rapidly as falling returns on sovereign fixed income assets force investors to look elsewhere for returns. Retail investors in particular are playing an important role in the transformation of local capital markets.
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The 100-day mark of Brazil’s new president, Jair Bolsonaro, has recently passed; no one – not even the government itself – pretended the time had been well spent.
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TNC aims for $1.6 billion impact of blue bonds by 2025; Morgan Stanley commits to financing plastic reduction for oceans.
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The pieces are starting to shift on the board of Chinese investment banking. There have been signs of progress, frustration and new strategy since last April’s announcement that foreigners would be allowed to take majority stakes in securities joint ventures on the mainland.
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CEO says bank liquidity and lavish social spending hamper capital markets development.
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India’s first real estate investment trust is being fast-tracked to IPO before the end of February. Bankers expect the primary offering to raise more than $1 billion, giving a much-needed fillip to the country’s capital markets.
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Before it sets off into Africa, the international financial institution needs to look to its roots.
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After a few years of underperformance, India’s property market is back on form. Prices are rising in commercial and residential real estate, with demand driven in large part by inward investment from blue-chip US corporates. The next big step is listed onshore real estate investment trusts, set to hit the market in 2019.
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In 2018, Montenegro was named as one of the countries most at risk from over-indebtedness to China for the €809 million Bar-Boljare highway, dubbed a ‘road to nowhere’, but in Podgorica, enthusiasm for the project is still running high.
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When Sri Lanka, a key link in the Belt and Road Initiative, sold China a deep-water port in exchange for debt alleviation, it raised eyebrows around the world – yet Colombo continues to borrow from Beijing even as its fiscal situation worsens.
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China’s Belt and Road Initiative is trumpeted as a ‘win-win’ for all, but is it everything it’s cracked up to be? Or are countries on its route, wary of Beijing’s motives and fearful of being trapped by debt to China’s big development banks, losing faith in the plan?
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Warning sirens are sounding about the level of debt Djibouti owes to China for Belt and Road projects. The local view is that they need the money and China is the country that is offering it. But the fate of the Djibouti-Addis Ababa railway represents the financial challenges of BRI in a 756-kilometre microcosm.
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The continent is implementing the African Continental Free Trade Agreement to boost intra-regional trade, economic growth and industrialization, but can 54 countries overcome so many obstacles and ratify the agreement?
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At the tail end of 2018, banks still seem to be a long way from equality.
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New African Capital Partners’ (NACP) first investment target is a large, regional banking group, co-founder Charles Kie tells Euromoney in his first interview since the launch.
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$2.4 billion in dedicated mandates; expectations to reach $20 billion to $30 billion by 2023.
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Roll-up acquisitions help to floor high-yield fundraising.
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Santiago Peña helped secure Paraguay’s relentless upward trajectory while minister of finance – now he has switched to the private sector and has the perfect perspective to judge the outlook for the Mercosur countries.
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Vast infrastructure initiative taking shape, minister says; insists PPP will be used, not just Chinese soft loans.
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Research, research and more research is needed for investors to navigate the complex world of ESG and SDG investing.
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Natixis surveys large institutional investors and produces framework to avoid ‘SDG-washing’.
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Larger family offices are taking on the private equity firms as they focus on investing directly.
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SC Ventures launched in Singapore; combines internal accelerator with venture capital.
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A Greenwich investor survey projects continuing growth in fixed income ETFs as the likely response to deteriorating bond market liquidity.
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Slower growth is translating into lower government spending on infrastructure. With an estimated funding deficit of $40 billion a year, private-sector solutions from Africa’s home-grown pension fund industry as well as international insurance firms could help plug the gap.
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Even though the banking sector remains off-limits, foreign investment in other state-owned enterprises will support infrastructure development.
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Finally, some progress in Indonesian infrastructure – but familiar battles remain.
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Impact investing would seem an unlikely business for avaricious private equity funds. But many are embracing what they see as a new opportunity. Should we be sceptical or see private equity’s buy-in as proof of the impact investment concept?
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Can Kazakhstan create an international financial centre in the middle of the steppes or is it just the latest central Asian pipe dream?
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Investors hoping new president adopts pragmatic approach; proposed referendum raises more questions than answers.
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A fintech headed by veterans of algorithmic trading in equities aims to transform unregulated gold trading as a pure agency broker.
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Italy flows up despite populists’ impact on bond yields; warns of peak debt across the West
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The first refugee investment impact bond is poised to launch in 2019.
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Euromoney's recent coverage of the eurozone crisis focuses on the macroeconomic, political and banking sector fallout.
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Euromoney's recent coverage of the hard and soft commodities sector, with a special focus on emerging markets.
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To expect impact investment to be of greater size now than it is would be to miss the point of it altogether.
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As the oceans reach a crisis point, private capital must be deployed to fund sustainable solutions. Given that the seas are equivalent to the world’s seventh largest economy, finance is more aligned with the deep than has been previously recognized. A handful of bankers and investment managers are leading the way, but success will require a collective effort from across the financial industry.
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Managed marine protected areas are an effective tool in coastal ocean conservation. They are also ripe to be included in investment structures. The upsides for everyone may help push the protected area of the world’s seas from 2% to 30% by 2030.
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In April Philippine president Rodrigo Duterte took a characteristically drastic step. He closed Boracay. It is an indication of the environmental threat from marine pollution. Can the private sector help clean up the seas?
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Private-sector investors are taking their first tentative steps into sustainable fisheries projects. Alignment of interests and investment returns look good on paper, but there are many practical issues that need to be addressed before radical transformation can occur.
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As international financiers rush into Saudi Arabia, they are asking if the Kingdom can deliver on its grand promises.
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Khorgos, a new state-of-the-art port in the middle of the Kazakh desert, sums up the grand ambitions of the Belt and Road Initiative. But it is as much driven and funded by Kazakhstan as it is by China. Rather than being a white elephant, it has real implications for trade.
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Asset management is the hottest sub-sector in FIG investment banking in Europe. Even banks with successful in-house asset managers are thinking hard how to adapt, and must act fast.
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Why aren’t firms putting their money where Xi Jinping’s mouth is?
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Have the vision. Create the plan. Go and do it.
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Trade finance has emerged as an asset class with appeal for institutional buyers, but needs to have some issues ironed out before it becomes palatable to a broad investor base.
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Talk of exchange-traded funds offering exposure to additional tier-1 debt may not be as worrying as it sounds
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CEO has broader ambitions as firm turns 10; impact investing still modest in Asia but growing.
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Lack of regional liquidity cited as reason for NY IPO listings; strong pipeline in Brazil being dominated by more traditional companies.
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The 2017 US proxy voting season was historic: the world’s two largest asset managers backed shareholder resolutions on climate-risk disclosure. BlackRock and Vanguard, with $10 trillion in AuM between them, are becoming more transparent about their voting. They will play a crucial role in the future of ESG.
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An investment company linked to one of Iran’s largest investment banks failed to publicly disclose its focus on Iran when it listed on NEX Exchange, though it always intended to invest primarily in that country.
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WisdomTree Investments is the latest acquirer of an ETF specialist looking to boost its credentials in smart beta, even as analysts urge end-investors to question the validity of this new so-called asset class.
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Markets buoyed by win that eases path for further reforms; all eyes on investment boost needed for gradual fiscal adjustment.
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While foundations may be known for their giving, their investment portfolios lack creativity when it comes to solving environmental and social challenges. Some are taking their missions further.
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Currency devaluations and swings in commodity prices have taken their toll on many a private equity investment in Africa in recent years, particularly for those who invested at the height of the Africa bull market between 2005 and 2013. These days, sponsors are picking their targets carefully, with a focus on domestic consumers and non-commodity exporters.
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Norway’s sovereign wealth fund has decided to steer clear of corporate bonds, which will help it to avoid the reputational traps that loom for some other large investors.
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President Mauricio Macri’s economic inheritance was toxic; his policy of gradual fiscal realignment looks like it will lead to success in this year’s crucial mid-term elections, but the country desperately needs investment to maintain the transition.
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Policy bank money is fine, to a point, but if China really wants an infrastructure plan to change the world, it is going to need private sector money to join the party. It is going to need names like Macquarie, historically thought of as an investment bank (which it still is), but today also one of the world’s largest infrastructure investors.
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BRI may be hard to define, but it is already working wonders in parts of a region crying out for good infrastructure. Global and regional lenders are happy to go along for the ride.
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The first tangible progress in Belt and Road infrastructure can be seen in Pakistan. The China-Pakistan Economic Corridor has been valued at $62 billion of projects, from the seaport in Gwadar to the reconstruction of the Karakoram Highway across the Himalayas to the Chinese border.
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It falls to analysts like Alexious Lee, head of China industrial research at CLSA, to make sense of the vast scope and long-term themes of Belt and Road. Lee heads CLSA’s research coverage of Belt and Road and public-private partnerships, assisting clients seeking access to China for projects related to the new Silk Road.
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At the vanguard of the funding effort for the Belt and Road Initiative will be China’s state-owned commercial banks. All eyes are upon them and their lending practices. Will they be expected to pour funds into projects with a tenuous economic rationale in the interests of state policy? Or will they instead be able to assess BRI projects as they would any other enterprise, with a weighing up of risk and return and a commercial decision at the end of it?
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The Belt and Road Initiative offers much to the disparate markets of the Middle East and Africa, but not all those countries seem so enthusiastic in return.
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Chinese policymakers and firms are showing an increasing interest in central and eastern Europe – but will Beijing’s ambitious plans for infrastructure development put China on a collision course with the EU?
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If there is one message Asian Infrastructure Investment Bank (AIIB) chairman Jin Liqun wants you to take away about Belt and Road, it is that AIIB is not the same thing. It is not the Silk Road Fund either. Despite what is widely said in international discussions, these things are not synonymous.
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China has plenty of engines to get Belt and Road underway: Export–Import Bank of China, the China Development Bank, the enormous state-owned lenders. But it needs a dedicated, wealthy, powerful and politically enabled body to be the driver of the whole enterprise, and that is the Silk Road Fund.
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China’s Belt and Road Initiative is so vast and ambitious it can be difficult to understand how it will all work in practice – what makes a BRI undertaking, how will they be funded, will they be trophy projects or on commercial terms, how are they originated? – so Euromoney spoke to 16 institutions all looking at BRI from their own different perspectives.
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Itaú BBA has long been a top investment bank in Brazil. Recently, rumours of high turnover, a changing culture and low morale have been rife. But Roderick Greenlees, head of investment banking, says the bank remains an undisputed market leader.
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Euromoney's latest coverage of emerging markets, including FX, fixed income and equity market trends.
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Eurozone stress has been felt most acutely in the so-called periphery, but investors should look at the core of the European Union.
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The region’s investment banking market, as ever, remains more tilted to the Gulf, which has recently been less active in blockbuster sovereign wealth-fund M&A mandates and more vigorous in public-sector financing as the lower oil price has bitten.
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New marketplace for impact investments; industry in need of institutional clout.
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To keep the spirit of impact investing, it is worth opening up the terminology to be more inclusive of a myriad of strategies.
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Continental Europe’s top corporate and investment banks showed just how far they continue to trail their US peers as they reported annual results in February.
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Euromoney Country RiskThe swift formation of a new government and the opportunities created by the pound’s fall have quietened the doomsayers. But risk experts have downgraded their views on the economic outlook and government stability after the referendum, with so much that is still unknown.
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Advice sought on new fund; Shoura eyes GOSI shake-up.
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Performance varies widely; Clients still boosting allocations.
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Guarantees to aid private sector flows; BNDES scaling back but still dominant player.
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Pressure from large investors to lower costs; performance flat but few alternatives.
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Saudi Arabia and Iran have been presented chiefly as an opportunity on the equity side, but both markets are attracting interest from the fixed income community as well.
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Asia’s growing band of big, local investment banks won’t let short-term market fluctuations affect their planned transitions from national to regional leadership
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In establishing its sovereign wealth fund, Mongolia had a wide range of forebears to learn from. Singapore’s Temasek may not be the best choice.
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Two years ago, John Hourican took over a bank flattened by haircuts on Greek bonds, whose depositors had seen their money seized and where borrowers were defaulting en masse. Somehow, through determination, hard work and maybe a little luck, he turned it round. Deposits are coming back, NPLs are being dealt with, assets shed and capital raised. The bank is profitable and confidence has been restored. As John Hourican steps down as CEO, the story of our banker of the year for 2015 is also one of redemption.
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ING’s chief executive walks and talks digital. Today he leads a stronger, freer institution – one that is using pure online banking to grab customers from incumbents. While the bank grows as a force in lending to industry around the world, it is also building up an SME and consumer-lending portfolio in some of Europe’s biggest retail markets
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Well-functioning stock market; structural surprises still likely.
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Four intellectual revolutions have undermined our sense of self, but anomie and profits are not incompatible.
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US firms named best bank and best investment bank; Hourican takes banker of the year award; ICBC’s Jiang rewarded for outstanding contribution to global financial services.
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Third-quarter gloom for gold; silver ‘a better bet’.
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So far in 2015 we have been witnessing death by a thousand policy rate cuts around the world. That is turning the US Federal Reserve’s dream of rate normalization into a dystopian nightmare.
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With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs.
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As investment in technology becomes a priority for financial institutions, they are having to look for the right experience among board members and rethink their structure to ensure they are on top of innovation.
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The investment potential in Africa has long been discussed but finally the hype is turning into reality. Regional private equity firms are beginning to convert their local knowledge of Africa’s subcontinent into cash. But there are still many obstacles to establishing a thriving business in sub-Saharan Africa.
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The pretence of knowledge is the curse of the financial world, especially when we live in such uncertain times. There are very few certainties left.
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Small Asian firm has big European ambitions; expands into debt capital markets.
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South Africa is plagued by slow growth and escalating debt levels. So how can the country’s new minister of finance, Nhlanhla Nene, get the economy moving again while balancing the budget?
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A host of new technology and new business models are aiming to transform the financial system. Many will fall by the wayside. But among them are potential winners that could be the Goldman Sachs or Nasdaq of the 21st century. Euromoney looks at the smart people and smart firms attempting to reshape finance.
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London is strutting its stuff as a world centre for fintech innovation to rival Silicon Valley and New York. The first-stage disruptors, challengers and innovators are now established and growing. Government and regulators want to build a better financial system and see technology as the key.
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How did the relationship of the Swiss franc and the euro turn out to be purely platonic? Conscious uncoupling was perhaps inevitable.
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Bond investors may need to travel down darker paths to cope with reduced secondary market liquidity.
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How can Caesars Entertainment have an equity value of $2 billion while its bankrupt operating subsidiary owes creditors $18 billion?
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Country risk survey monitoring political and economic stability of countries around the globe.
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Markets ended 2014 beset by fear. Deflation is now a global concern and the doomsayers see rapidly falling commodity prices as the canary in the coalmine. But the nattering nabobs of negativism are wrong.
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Want to see improvements to your town or city? Don’t just rely on municipal budgets. New crowdfunding sources are springing up. The disruptors even have municipal bond markets in their sights.
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Crude oil prices dropped precipitously in the latter part of 2014, raising challenging questions about where they might go in 2015. Undershooting well below a mythical fundamental equilibrium price is a distinct possibility if history is any guide.
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From the archives: What Bluford H Putnam and Lee Thomas said about the falling oil price in 1983.
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A look at Qatar Foundation Endowment, QPI, Qatar Sports Investment, Qatar Luxury Group and Hassad Food.
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Asset-hungry and cash rich, Qatar keeps grabbing the headlines. But there are questions over which branch of Qatar’s wealth actually owns its trophy assets, while it is becoming increasingly hard to fathom whether the authorities are coordinating these investments.
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A war of all against all in currency markets will not be pretty. For some countries it may also be too little, too late. The International Monetary Fund has failed in its role as the arbiter of currency values.
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Growing investor comfort in region; IFA culture developing.
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The US looks to benefit from a changing energy landscape, at the expense of Russia and the Middle East, while Europe will be happier to be less reliant on those producers.
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Investment is easy when you can immanentize the eschaton. But even radioactive assets such as uranium can be worth running a Geiger counter over.
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The QIA has found itself on both sides of a property spat. But when in-fighting turns into a court case, only the lawyers will end up winning.
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Often touted as having the region’s best growth prospects, the nation is struggling to make sure those hopes come true and aren’t dashed by poor foundations.
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An ambitious infrastructure plan is central to the government’s plans to diversify the economy away from agriculture and increase its capacity to export.
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Asset management company Cinda is a stark example of the implausible nature of China’s financial system. It has transformed its business model from an NPL warehouse to what some call a giant shadow bank. With more AMCs in the pipeline, analysts are beginning to question if China understands the risks it is piling up.
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Euromoney Country RiskEuromoney Country Risk’s expert panel identifies corruption as the main political risk factor in most countries in the region, though overall economic risk has fallen since 2011.
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As retail money accounts for an ever-larger percentage of leveraged finance, investors must not lose sight of what this asset class is all about.
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Long seen as a proxy for Mexico, oil company Pemex faces new challenges after the implementation of President Peña Nieto's landmark energy reforms. If senior management can meet them, it could be the start of a long road to the eventual IPO of one of the world's most powerful energy firms.
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Kenya’s largest mobile phone carriers will push ahead with the acquisition of yuMobile after Kenyan authorities removed a number of restrictive conditions on the deal.
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Euromoney looks at the fine art of cross-border deal approval as the Committee on Foreign Investment in the United States gnashes its teeth.
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Over-reliant on foreign investment to balance its books, Turkey is facing an investor retreat in the face of political instability. The long-term solution is a big expansion of domestic investment of untapped savings, but the instability is slowing this too.
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Can Dubai take advantage of Tehran’s rapprochement with the US to once again become Iran’s de facto financial link to the world?
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The global financial crisis might mark the beginning of a broader realization that global hyper-capitalism has reached its limits. The failure of the AstraZeneca/Pfizer merger shows that, for good or ill, a backlash has begun.