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Latin American private equity fund managers report an increase in interest from European investors. According to a survey of managers by KPMG, European institutional investors account for 13% of fund sources – in 2004 European investors had no presence at all. European investors are also becoming more prominent relative to US investors as the latter, having become a little more risk averse, are looking away from Latin America towards more established markets to make investments. US institutional investors are still the primary sources of funds, said 41% of respondents; in 2004, though, this figure was 49%.

Volatility creates opportunities but, in the case of some strategies, high levels can be lethal. Helen Avery talks to the founder of CTA Pirates of Profit about how risks need to be fully understood.

Corporate earnings forecasts might still need to fall but the near 20% collapse in global equity markets since their 2007 peaks suggests that the worst might already be almost fully priced in.

Saxo Bank has promoted Tobias Straessle, who was chief information officer, to chief operating officer. The bank has also promoted Claus Nielsen to the new role of chief operating officer for trading. Saxo says Nielsen’s promotion reflects a change in its structure and will help to ensure coordination between all of the bank’s growing list of services. As a replacement for Nielsen, Saxo has hired industry veteran Steve "Wham" Braithwaite as its director, global head of foreign exchange and fixed income. The bank has also appointed two new spot dealers, Steve Bellamy, who joins from JPMorgan, and Matt Strand, who was at Bank of America.

The main clearing houses in Europe have had a busy few years.

Robert Palache has left Morgan Stanley after a little over 18 months in a role that involved the securitization of corporate, real estate and infrastructure assets. Palache was also the newly appointed chair of the European Securitization Forum.

Reserve managers are unlikely to suddenly adjust foreign currency holdings and latest IMF data suggest they will not chase the euro higher.

Richard D’Albert, global head of the securitized product group and CDOs at Deutsche Bank is not to become global head of the institutional client group at the European bank after all. Euromoney heard that D’Albert was taking on the global sales role Jim Turley’s decision to take a sabbatical.

Going up

Mid-East equity capital market volumes

A report by EDHEC says funds of hedge funds returned more than 10% in 2007 on average, compared with just 3.53% for the S&P 500 and 4.14% for the Lehman Global US Treasury Bond index. The best-performing strategy last year in single managers was emerging markets. All strategies produced positive returns, although a majority suffered a slight fall-off in performance on 2006.

Egypt’s banking system is undergoing wide-ranging reforms designed to make it more competitive. Have the lessons from the past finally been learnt?