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Mark Hillery has apparently left hedge fund Tudor. There is no indication whether his departure is permanent or a sabbatical. Meanwhile, the firm has hired Andrew Bound from Goldman Sachs Asset Management. Bound left GSAM in May and is believed to be starting at the fund in August.

Shinsei Bank has announced that it is to acquire General Electric’s Japanese consumer finance business for ¥580 billion ($5.4 billion). The deal comprises GE’s personal loans unit, Lake, as well as its mortgage loans and credit card arms, and will bring Shinsei more than 2 million new customers as it seeks to combine its consumer finance and retail operations.

Despite the far superior performance of CLOs to that of ABS CDOs, CLO managers on both sides of the Atlantic face a battle to survive in present and future market conditions.

Fund managers in the region are finding demand for a wide range of products, even though many investors still have very local interests at heart.

Banorte, the biggest locally owned bank in Mexico, plans to establish a new venture capital unit that will be spun off from its distressed assets business, Solida, according to the bank’s chief executive.

Structured product issuers have a new set of guidelines that they will be expected to informally adhere to after trade organizations, including the International Swaps and Derivatives Association, released non-binding principles for managing relationships with retail investors.

As one Euromoney reader put it: “Macro has had more comebacks than Lazarus.” But is the strategy back to stay? – at least for three or so years, say managers.

After years of benefiting from the strong economic performance of the Baltic states, Sweden’s Swedbank is now seeing the downside of its exposure to the region in the wake of the recent sharp slowdown in growth.

Finance sector ECM Banks and agencies raised $108.5 billion via 81 deals globally in the second quarter of 2008, up from $32.9 billion via 49 deals in the first quarter of the year, and year-to-date issuance already surpasses the total amount raised in 2007 ($100.8 billion). ECM issuance by financial sector issuers accounted for 42% of all global issuance in the second quarter and 26% in the first quarter. Royal Bank of Scotland’s $24.3 billion rights issue via Goldman Sachs, Merrill Lynch and RBS is the largest ECM deal on record.

Alliance & Leicester is the latest rabbit that Emilio Botín has pulled out of his hat as Santander continues its inexorable rise. Botín has now cemented his reputation for being a dealmaker as well as one of the most talented retail bankers in history. What else does he have up his sleeve? Clive Horwood reports.

Institutions accustomed to doing business with the Gulf from afar are now facing up to the need to have a presence in the region and deciding on what scale that presence should be.