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Institutions and private equity have stepped into the gap left by banks, not least because of property’s attractive and duration-matching returns.

Ackermann has experienced the chill of unwelcome publicity in recent days but how, I wonder, does Jamie Dimon feel when every day seems to bring another cloud, if not a hailstorm? I have written recently about how Jamie’s halo has become tarnished.

These days banks are desperate for the next business or product line that is capital light, highly profitable and offers masses of potential to command a loyal following.

Bob Wigley, a former chairman of Merrill Lynch EMEA, might also appreciate a large tumbler of Scotch. Wigley, who left the US investment bank after it was devoured by Bank of America in 2009, became chairman of Hibu, the former Yellow Pages printed directory of local businesses, some four years ago.

Hedge fund managers have plenty to grapple with right now, not least how to hold their clients in the two and 20 position.

"Tell them to start buying something, will you?"

Euromoney has been known from time to time to have lunch with the great and the good of the financial markets. It’s a good way to talk to bankers in an environment in which they are comfortable – luxurious restaurants. It also allows our journalists a unique insight into a world – luxurious restaurants – that is otherwise off limits to a humble hack. In Hong Kong last month Euromoney enjoyed a slap-up lunch with a head of investment banking, a chief operating officer and a senior press officer from a large Wall Street bank. We were invited to order anything on the menu and even broke our usual strict and complete abstinence from alcoholic beverages to enjoy a particularly fine Pinot Noir.

State-owned companies have, until now, set the tone in China. But as economic growth slows and state-driven capital market activity founders, banks are hunting for business from China’s privately owned, ambitious enterprises.

Blackstone is not just the biggest real estate investor in the world today, it’s the best according to the annual Euromoney survey. CBRE and Hines maintain their leading positions as advisors and developers respectively, while JPMorgan dislodges Deutsche Bank as the top real estate bank overall

The market is showing signs of revival, but it will be smaller and less diversified than it was at its peak.

Prime minister Shinzo Abe’s radical policies have lifted Japan from its slumber. His supporters say he’s slain the deflation dragon. But what tools can he find to win the next fight – a looming fiscal crisis?

Want to get introduced to senior executives of Facebook, Google, Yahoo? Or looking for funding from the largest venture capitalist firms? Why not head to Burning Man? The hedonistic week-long arts festival that takes places every August in Nevada on a dry lake called La Playa is best known for the elaborate costumes, or lack thereof, worn by the 60,000 plus attendees.