A survey by the Bank of New York and Casey, Quirk and Associates shows that, while hedge funds may be receiving criticism from some governmental bodies, institutional investors are quite content with them. Only 3% of the 101 institutional investors surveyed said that their hedge fund programme had underperformed their expectations. Seventy-two percent said that their hedge fund had performed within 1% of their target expectations, and 25% claimed it had exceeded their return target by 1% or more.

Abu Dhabi Energy Company (Taqa) has sold a $3.5 billion equivalent debut bond, containing a €750 million seven-year tranche, a $1 billion 10-year tranche and a $1.5 billion 30-year portion, making it the largest ever straight bond from the Middle East.

Asia’s property market is growing fast as it moves onto global investors’ horizons. Reits are in the vanguard of that development and are evolving rapidly. Those changes might yet pose challenges for investors. Chris Leahy reports.

Chávez says that he might try to seize four companies operating in Venezuela owned in part by Exxon, ConocoPhillips, Chevron, Total and Statoil.

At a meeting on global real estate last month, the speakers concluded that Latin America was the next investment opportunity, with Mexico at the forefront. Speakers also named Chile, Brazil, Venezuela and Argentina as countries to watch. Real estate in Mexico, which has traditionally been driven by Americans, is now starting to see local and other foreign investment.

Latin America’s bankers take note. If Gaetan Bucher has his way, within four years they will be living and working in the Dominican Republic (DR).

SOME 50,000 small- and medium-size companies in Chile will benefit from a proposed new law that will make it much easier for companies to switch bank lender, according to banking experts.

Singapore smog worst in ten years

In October, two rating agencies struck down Italy’s credit ratings: Fitch lowered the republic’s long-term debt rating to AA–; Standard & Poor’s now has it at a lowly A+.

With falling returns for hedge funds, it looks as if a trend might be developing for their employees to return to less risky, better remunerated roles in investment banks.

An inaugural Asia Pacific wealth management survey from Merrill Lynch and Capgemini highlights the growing concentration of the region’s wealth in the hands of the already rich, deemed high-net-worth individuals (HNWIs).

Evolution Securities China to bring China Medstar to London’s junior market in latest deal.

London-based buyout firm Doughty Hanson’s decision to pull its planned €1 billion IPO on Euronext in October suggests there’s not much retail or high-net-worth demand for private equity when some commentators are already calling the top of the market. Kohlberg Kravis Roberts managed to raise $5 billion through its Euronext IPO earlier this year but Apollo subsequently struggled to raise $2 billion and both firms’ shares have been underwater since. At the beginning of October, KKR was trading at a 16% discount.

There are signs that liquidity-generated inflation is spreading from financial bubbles into the output economy.

Euromoney’s inaugural debt trading poll gives unprecedented insights into the increasingly complex derivatives-led world of debt trading.

As readers of September’s 408-page issue will appreciate, Euromoney seldom finds itself lost for words.

Bank of New York has launched a new website offering “enhanced FX research and analysis capabilities, including detailed data on cross-border investment trends, daily FX commentary, in-depth examination of economic news and central bank decisions, as well as coverage of daily worldwide events that affect currency, equity and fixed income markets”.

Project looks great on paper. But will it succeed?

Longer-term investments can antagonize investors with shorter-term views. Ritchie Capital looks to have found a way to defuse the conflict.

At the end of September Petrobras, the Brazilian state-owned oil and gas company, completed dollar and yen issues within days of each other – its first such deals in two years. CFO Almir Barbassa talks to Chloe Hayward about why the company has suddenly become so active again.

Citigroup is paying $3.1 billion for a 20% stake in Akbank, the country’s largest privately owned bank, just months after losing the battle to buy Finansbank. National Bank of Greece was the victor in that sale.

Fitch Ratings has launched a wholly owned subsidiary devoted to the credit derivatives sector.

Private equity has emerged a clear winner from stock market volatility in the Middle East – a large number of funds were set up as a result. But is there a risk of a bubble developing in this market too? Kathryn Wells finds out.

European issuers tapping the US capital market are increasingly using the extendible note market. They are driven by a need for liquid markets and relatively low appetite for the regulatory complications involved with 144a SEC registration

As recently as May this year, following the two 25 basis point increases of December 2005 and March 2006 that raised the European Central Bank’s main refinancing rate to 2.5%, ECB president Jean-Claude Trichet was speaking of the “still very low levels of nominal and real interest rates across the whole maturity spectrum”.

Malaysia’s government-linked companies are at a crossroads. All are embarking on reform but are they moving quickly enough? Sudip Roy reports from Kuala Lumpur.

ICBC listing might set a new record but investors should tread with caution.

Oman’s Blue City Investments securitization packages a series of unusual risks for ABS investors.

Several private equity firms are poised to launch new debt management businesses as the European CLO market goes into overdrive.

The hedge fund industry is now institutional. In the US, 5% of the groups run 65% of the money, while in Europe concentration is even greater. To keep up, prime brokers need multi-asset skills, cross-margining and the IT to match. Dog walking may not be available any longer.