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.

Steps along the right path

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.

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.

The credit derivatives market has expanded fast in recent months. But the growing backlog of unconfirmed trades has caused concern.

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.

Ukrainian president Viktor Yushchenko's announcement on September 8 that he had sacked his entire cabinet, including prime minister Yulia Tymoshenko, could hardly have come at a worse time for the investment banks appointed to arrange the sovereign's latest Eurobond issue.

The long arm of the US law has reached the tiny enclave of Macau, the special administrative region of China famous for its casinos and racy nightlife.

Chancellor Brown is breaking the rules he set for himself when prudence is ditched for unfettered spending.

There has been a quantum leap in the economic literacy of the presidents in the region

Hibernia deal suffers hit from Katrina

Optimism about Japanese economy and stock market is gaining strength.

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.

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

Will European fund managers be exempted from value-added tax on their outsourced management services?

BoB: the builders' friend

Rating agency Fitch has released its latest assessment of when the 10 countries that joined the EU in 2004 are likely to join the European exchange rate mechanism (ERM) II and adopt the euro. Its findings are not particularly encouraging.

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

Banks are muscling in on US auto finance as vehicle makers divert capital to manufacturing and marketing.

The asset class is likely to outperform emerging-market debt as more funds enter the market.

Part of an increasingly active market attracting foreign investors.

Hedge fund managers are tuning their guitars in anticipation of this year's Rocktoberfest. The annual event is a chance for hedge fund managers to swap their chinos for Spandex and perform to raise money for charity.

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

"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."

Do value-driven debt providers have a role to play in LBO financing? Private-equity borrowers appear increasingly cautious about including hedge funds in leveraged finance syndicates.

Stalled state sell-off is finally yielding impressive results.

US buyout heavyweight opens in Asia

And the latest hedge fund manager is... ...former SEC chairman and corporate governance honcho Richard Breeden. Breeden headed the SEC from 1989 to 1993 and acted as corporate monitor of WorldCom and, more recently, KPMG. Unsurprisingly, given his experience, Breeden is launching an event-driven activist fund, profiting from companies that improve their corporate governance. The fund is being launched next January and Breeden hopes to raise between $500 million and $1 billion.

Lead manages Guatemalan bank securitization deal.

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