The oft-perceived wisdom is that consolidation into the hands of fewer and fewer major players will continue. But the emergence of a new breed of service providers suggests this is simplistic.

Emerging market CDOs look more attractive after the recent market correction.

Inaugural mortgage securitization is sign of a fast-developing market.

Michael Jinn, co-head of European CDO structuring and head of securitization coverage for Portugal at Deutsche Bank, has left the bank to rejoin his old boss, Michael Raynes, at Citigroup. Raynes, who was global co-head of the securitized products group and global head of CDOs at the German bank, surprised the market by jumping ship to Citi earlier this year. He is likely to raid his old Deutsche team for further staff in the future.

Goldman Sachs has moved Zubin Irani to a new position in its merged real estate group. The bank merged its real estate advisory business and real estate financing business six months ago to create a one-stop-shop real estate client-focused business. Irani, who is co-heading the group, previously headed Goldman’s Whitehall Funds subsidiary for seven years. The Whitehall business is now being run by Benoît Herault.

German SME CLO deals continue to appear, despite disagreement on how these risks should be assessed.

SuperDerivatives, an online provider of option pricing, trading and risk management, is expanding its pricing capabilities on Latin American interest-rate derivatives products, a move that should help boost liquidity in these instruments. The firm has already rolled out its platform for Mexico and Brazil, and Chile and Argentina are next on the list.

About a third of sell-side analysts could lose their jobs over the next two years as fund managers do more of their own research and independent providers gain market share.

Tan Sri Teh is the first winner of Euromoney’s Lifetime Achievement Award in Asia. His bank, Public Bank, also won best bank in Malaysia for the eighth time.

Critics of Goldman Sachs enjoy accusing the firm of being a hedge fund. But such accusations look wide of the mark given that Goldman’s Asia’s equity guru, Hyder Ahmad, has just quit to start his own fund.

In a motion filed with a US bankruptcy court at the end of June, Refco announced that it had entered into an agreement to sell its retail FX business, including customer account information and related assets, to Gain Capital Group. Both parties announced that, under the proposed terms of the deal, Refco FX’s clients could recover up to 100% of their currently frozen account balances.

Hungary’s OTP Bank, the only bank in central and eastern Europe to entertain genuine regional ambitions, is turning its attention to Austria as it eyes up the possible purchase of troubled bank Bawag. “We do not know yet if we are interested,” says OTP chief executive Sandor Csanyi. “But we think that our experience could be very useful.” Austrian trade union federation OeGB is selling the bank after it recorded huge losses following murky deals involving its US partner Refco, which collapsed in October 2005. Refco’s creditors are at present trying to locate the US assets of Bawag.

PCCW is now controlled by Francis Leung. But that’s not the full story.

The increasing focus on principal finance in Europe was further in evidence in July when UBS hired Andrea Perona from BNP Paribas. Perona will head a new principal finance business at UBS that lost three of its senior securitization team to Bank of America in early 2005. He was previously head of southern European securitization at BNP Paribas.

Dresdner Kleinwort Wasserstein is having a clear-out to make way for the thoroughly modern and revamped Dresdner Kleinwort. In preparation for its facelift, the firm is auctioning off to staff the antique artwork and furniture that adorned its Swan Lane office in London. The George III décor was not in keeping with the new office in Gresham Street, which instead has a Williams F1 racing car in the lobby.

Almost non-existent a decade ago, Peru’s capital markets have flourished over the past five years, with the government and big companies such as US copper miner Phelps Dodge finding ample demand for bonds. Now the new government of president Alan García, which took office on July 28, aims to develop the markets further. There are plans to allow smaller companies to raise cash, develop a secondary mortgage market to unleash new funds to redevelop slums, and encourage pension funds to invest in productive industries, not just in sovereign bonds. “Deepening the local market in soles is going to be one of the pillars of our economic policy,” says García’s chief economic aide, Enrique Cornejo. “Our resources aren’t being put to work via the markets.” The barriers to smaller Peruvian businesses are daunting. Because many companies cannot meet the listing requirements of the Bolsa de Valores de Lima, Peru has launched only four initial public offerings with a total value of $40 million in the past 15 years, despite strong economic growth. The business sector is severely undercapitalized, with a total of $7.5 billion in debts, or around 10% of Peru’s GDP. A change in that situation is crucial to Peru’s long-term development, as small and medium-size companies generate 40% of GDP and three-quarters of all jobs in the country. However, these companies’ financing costs are up to 2.5 times those of big corporations.

Dubai Investment Group subsidiary Dubai Financial has bought a 40% stake in Malaysia’s oldest Shariah-compliant bank, Bank Islam Malaysia Bhd (BIMB) – the group’s largest single investment in the Asian financial sector to date.

Joseph Ackermann has just signed on for another four years at the helm of Deutsche Bank. It’s testament to the success he has had in creating one of the world’s most successful banks. A new book seeks to explain why his achievements are lauded overseas but he is disliked in the country that his bank’s name bears. Will domestic difficulties bring his tenure to a premature end?

Club’s £260 million deal could be joined by securitizations from UK Premiership rivals Liverpool and Man Utd.

When Lebanese climber Maxim Chaya reached the summit of Mount Everest in May, champagne glasses clinked in the executive rooms at Bank Audi. Three years ago, Lebanon’s second-biggest bank decided to take a punt on Chaya (whose brother Nabil heads the capital markets division at the bank) and sponsored him to the tune of $250,000 in his bid to become the first Lebanese to climb the highest point in each of the seven continents (he also trekked to the North and South Poles). Everest was the last stop.

Bill Lipschutz was once considered one of the world’s top-five FX traders. Now managing currency hedge fund company Hathersage, he talks to Helen Avery about why FX is catching the eye of institutional investors and how he sees the trend developing.

High borrowing levels and possible interest rate rises could threaten profitability in the US and Europe, while Asian and Latin American banking systems become increasingly sophisticated, say analysts from Moody’s Investors Service.