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Fortis announced in a statement on September 30 that it would not complete a planned sale of 50% of its asset management business to China’s Ping An. The recently part-nationalized Belgian/Dutch group cited "the current severe market disruption and the ongoing uncertainty in the global capital markets" as the reason for pulling the deal, which would have been worth $3 billion. Fortis will instead retain 100% control of Fortis Investments, which has now completely integrated ABN Amro’s asset management business.

Several of Deutsche Bank’s clients had problems with the pricing they were getting electronically when they have came to roll positions forward at the end of September. When these have been queried on the telephone, the prices have apparently been requoted more accurately in line with prevailing rates in the market.

Saxo Bank, despite reporting increased profitability, has shed about a third of its workforce. About 300 jobs have been axed at its Copenhagen headquarters, with up to 50 disappearing in London. The bank is believed to be reviewing its operations in both Singapore and Switzerland in particular. The cost-cutting comes after Saxo embarked on a spell of rapid and aggressive expansion. Its staffing level is now virtually back to where it was a year ago.

Onexim Group, one of Russia’s largest private investment funds, with more than $25 billion in assets, has entered into a strategic agreement whereby it will acquire a 50% interest in Renaissance Capital, the market-leading investment bank in Russia, the CIS and Africa. Commenting on the transaction, Stephen Jennings, Renaissance Group chief executive, says: "The partnership with Onexim creates a financial powerhouse with the resources, skills and ambition to be the clear leader in all its markets."

The growth in Islamic finance has slowed with the deepening credit crunch but the Saudi Binladin Group has raised the first sukuk for the world’s most holy boom town: Mecca.

Millennium Global Investments has been awarded a A$450 million ($370 million) active currency overlay mandate by Vision Super, the A$4.3 billion Australian superannuation fund. The fund manages defined contribution and defined benefit schemes on behalf of 100,000 members and provides superannuation and retirement incomes to local government authorities, primarily in the State of Victoria.

Dubai Islamic Bank has appointed a new chief executive. Abdulla Al Hamli moves to the position from his role as chief of operations and information technology at the bank. Al Hamli has worked at DIB for nine years. For more than 10 years before that, he was director of information systems at the Dubai Ports Authority and Jebel Ali Free Zone.The previous chief executive, Saad Abdul Razak, left in late 2007 to join the Investment Corporation of Dubai.

Rightly or wrongly, credit derivatives will pay the price for failings across the entire credit market.

One of the curiosities of the financial meltdown has been the conspicuous absence of China’s leading commercial banks and brokerages in picking up bargains from the wreckage.

Proposals to make a settlement with hold-outs to Argentina’s defaulted bonds could raise the country much-needed funds.

Market share expected to be more evenly spread.

Exchanges try to steal a march on their rivals.