Leading Russian investment bank Renaissance Capital has added yet another banker to its already impressive staff, which has extensive investment banking experience in emerging European capital markets.

Richard Downer, who left Bear Stearns last June having been responsible for its troubled Rooftop Mortgages subsidiary, has joined Bank of America in London. The hire of Downer, together with former Bear colleague Neil Warman, would suggest that BoA might be the latest bank planning a move into the non-conforming mortgage space. Bear Stearns opted to bring in US talent to run the London-based residential mortgage business, which is now headed by Fred Khedouri. In another London-based move, Colin Evans has transferred to the specialty finance group at JPMorgan with a remit to boost consumer finance and non-bank financial business. He was previously head of FIG securitized products at the bank.

Japan still boasts the world’s second-largest economy but its investment banking markets remain immature compared with western peers. In two articles, Euromoney spoke to key bankers in Tokyo about the economic renaissance and what it means for investment banking in Japan. Chris Leahy reports.

Summary table of top banks, with quick links to more related content on euromoney.com

Mergers and acquisitions are the hot topic in Tokyo as corporate Japan shifts into investment mode. And although Japan’s M&A market is flawed, structural changes are slowly under way and global bulge-bracket firms will be the ­ultimate winners. Chris Leahy reports.

Hedge fund Cabezon Capital focuses on the currency and liquidity strategies of emerging market governments pursuing export-led growth. Helen Avery speaks to Michael Dooley, the fund’s co-founder and head of research.

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Activist shareholders have a bad name. Helen Avery brought together a group of hedge funds to uncover the positive role that such investors can play.

The battle to persuade clients that active currency management is a key tool has been so convincingly won that overlay is now being transformed by leverage and the search for alpha. But what are the risks?

Veteran broker Jeff Hurley has been lured back to the market by Tradition to broker dollar/rand. Hurley, who had been out of the market for some time after leaving Tullett Prebon – sources say that he was doing some building trade work – at one time apparently held the there-and-back, barefoot cross-Channel water skiing record. Tradition has also made further hires for its emerging markets area, including Quentin Younghusband and Neil Standen, both from Tullett, and David Rees from BGC. All will be based in London. Elsewhere, it has poached Robbie Kemp from Tullett and Glen Davies from Icap to work in its Johannesburg office.

Summary table of top banks, with quick links to more related content on euromoney.com

US firms maintain their dominance of the global investment banking industry, according to a new table put together by Euromoney. But which CEOs have provided the best value to shareholders? Clive Horwood, Alex Chambers and Jethro Wookey report.

The takeover battle between Marfin and Piraeus pits two Greek banking heroes against each other. It also raises the question of domestic consolidation at a time when Greek banks are focused on expanding abroad. Peter Koh reports from Athens.

Dutch pension funds ABP and PGGM both recently reported their quarterly results. Cover ratios at both are rising nicely but ABP’s new strategic portfolio catches the eye. Mark Ramsden asks if it points to less demand for long-dated bonds and more for inflation-linked assets.

Japan is slow to adopt financial market innovations, and algorithmic trading is no exception.

Babson Capital has launched a credit opportunity fund designed to exploit sales of stressed and distressed leveraged loans that have been forced by CLO triggers.

Summary table of top banks, with quick links to more related content on euromoney.com

Given CMC Markets’ success story, it was hardly surprising that the company’s planned initial public offering in the summer of 2006 attracted so much press attention, especially in the UK.