Fiercely independent managers grew their research-oriented boutique from little Donaldson, Lufkin & Jenrette into one of the most successful Wall Street firms in the best businesses: equities, high-yield debt, private equity and online broking. For years, DLJ clung to its distinctive culture while owner Axa happily pocketed dividends. Now the French insurer has tossed it to CSFB and no-one knows if the two can work together.

Capital markets in the Gulf are rich with potential. The markets are developing rapidly, especially in the UAE, but international investors will only get involved once the requisite legal framework is in place. By Nigel Page

Chairman, Barclays Bank, Germany

Head of fixed income, Aspect Capital.