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One option presented by Euromoney last week as an alternative to Paulson's US bail out plan included using public money to recapitalise the banks directly by taking equity stakes. The Treasury secretary now seems to be warming to this idea.

Societe Generale Asset Management has launched the SGAM ETF T-Rex on the Euronext Paris exchange and, along with IndexIQ, is one of the first firms to embrace hedge fund ETFs. IndexIQ is readying a series of five ETFs that track hedge fund strategies (FA, 9/15). The SocGen fund tracks the HFRX Global Hedge Fund Index, which is down 9% this year.

The UK Government injecting equity capital (preference shares) into banks before they need to be nationalized outright in panic may signal that exit from the storm is in sight.

Meet Mr Pakistan

Meet Mr Pakistan

Meet Mr Pakistan

The recent turbulence at the heart of Pakistan’s political machine raised significant but nuanced questions for Mian Mansha. The two individuals publicly responsible for ousting Pervez Musharraf as president – former premier Nawaz Sharif, and Asif Ali Zardari, the current president and widower of the late prime minister Benazir Bhutto – are also prominent members of the country’s rich list. Zardari, second in the rankings, is worth an estimated $1.8 billion, while Sharif, ousted as premier in 1999 by Musharraf, is worth $1.4 billion (but possibly as much as five times that tally), largely thanks to his shareholding in the Lahore-based Ittefaq Group, founded by Sharif’s father, Muhammad.

Meet Mr Pakistan

Meet Mr Pakistan

UBS heads the Dealogic league table for investment banking fees earned between January and September this year. The Swiss bank, which was awarded the title of best investment bank in Asia in Euromoney’s Awards for Excellence 2008, took a 5% market share with $323 million in fees during the nine-month period. Citi and Goldman Sachs were second and third respectively.