Citigroup and HSBC are neck and neck at the pinnacle of the cash management business, according to Euromoney's latest poll. Other firms trail far behind.

Chairman Raymond Baer describes Julius Baer's deal as truly transformational. A rising stock price suggests investors agree. Analysts identify the private bank, after the purchase of SBC Wealth Management, as the outstanding restructuring story in European banking. But this deal wasn't what the market expected.

The clubby world of private banking is under threat. The UBS/Julius Baer deal shows how tough it will be for foreign banks to break into the market.

Stalled state sell-off is finally yielding impressive results.

US buyout heavyweight opens in Asia

Hurricane Katrina has wreaked havoc in numerous ways but insurance companies appear well positioned to deal with the single largest event in the industry's history.

Distressed companies and their creditors look to advisory boutique to "bring calm to apparent cataclysms".

Legislation is less than two years old but demand for alternative investments seems to be picking up at last.

A long-only fund run by traditional asset manager bears little resemblance to the long-only fund run by a hedge fund.

"One thing we can say definitively is that we do not have a desire to be a bulge-bracket investment bank. Ours is a more measured approach. We will only grow domestically and internationally where our client base and potential client base leads us."

Singapore government investment fund Temasek Holdings completed its long-trailed debut bond in September, raising $1.75 billion in 10-year money. The deal was increased from an original $1 billion amid strong demand for paper that was AAA-rated by Moody's and Standard & Poor's.

Dutch law MTN programme enables simpler structure.

People moves:

After a failed foray into treasuries, Eurex US is now pinning its business development plans on currency futures.

Covered bond issuers are increasingly clear about the merits of solid execution, as Santander's and DexMa's latest deals show.

After political shenanigans over alleged election fraud and fiscal worries about the suspension of the expanded VAT, the Philippines finally completed its debt funding requirement for the year with a 10-year $1 billion issue led by Citigroup, Deutsche Bank and UBS.

At the IMF/WB meetings the great and the good of the international bond markets gathered to sell their wares to sovereign and supranational issuers. These potential clients remain some of the trophy issuers in debt capital markets, but they are not the kings of issuers they once were.

World Bank report calls for public-private partnerships to help the region match the pace of Asia's development.

Who's buying whom?

Steps along the right path

Flotation of the UK fund manager still only one of several strategies being considered.

"Listen, I'm one of the biggest risk managers in Europe. I run a credit risk book of over €60 billion. By comparison most funds are little pussies."

Syndicate Asset Management's acquisition of Ashcourt Holdings for £13.1 million ($23.7 million) might signal a new approach in the UK fund management industry, marked by a shift towards the consolidation of small funds.

Investment by foreign banks and investors in domestic Chinese banks is not over, but it seems that the recent frenzy of activity has abated, with most of the big deals now signed or at least agreed.

A punctured US property bubble is not far down the line as inflationary pressures mount. When it comes, as treasury yields inevitably move up, the US economy will slow sharply

A new borrower is using securitization technology to help save lives.

With a growing retail DVD business, MGM needed a revamped cash management system to make the most of the cashflows. In the end the system's highly successful implementation might well have also increased the company's attractiveness as an acquisition target.

Hibernia deal suffers hit from Katrina

Sustained competition, falling margins and regulatory pressures mean that the world of cash management and payments is heading towards an inflection point. The EU's Single Euro Payments Area project is adding yet more fuel to the fire that will force banks to re-evaluate their strategies, writes Peter Koh.

Hybrid debt issuance continues to be the main focus for the European corporate bond market.