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HSBC Saudi Arabia launched two new funds in December: the HSBC Saudi Equity Index Fund, and the HSBC Petrochemical Equity Opportunities Fund. HSBC is also offering participatory notes and swaps over these funds. HSBC’s Saudi Petrochemical Equity Index comprises 11 shares, including Sabic, which is the dominant company in the Saudi equity market. The broader equity index tracks 36 stocks across a broad range of sectors. Both funds are passively managed and aimed at institutional investors and third-party distributors. HSBC Saudi Arabia already offers participatory notes and swaps to its existing funds: Amanah Saudi Equity, Amanah Saudi Industrial Companies, Financial Institutions, Saudi Equity and the Saudi Equity Trading fund.

Despite being caught up in the perceived vulnerability of Kazakh banks to the global credit crunch, Kazkommertsbank has established a 100% subsidiary in the fast-growing market of Tajikistan. Banking assets in Tajikistan grew 43% in 2006, with deposits and loans growth up 93% and 79%, respectively. Including the central bank there are 20 bank and credit societies registered in the country.

State Street Global Advisors has filed for two international exchange-traded funds that are also choose stocks by market capitalization. The SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF will be just the third and fourth such funds from SSgA. The firm already has a SPDR S&P International Small Cap ETF, which has $157 million in assets according to Citigroup, and a SPDR Russell/Nomura Small Cap Japan ETF, which has $108 million in assets.

Volatility in FX has increased because of the credit crisis but not as much as some expected. Inflation will bring more pressure and central banks face a dilemma.

Euromoney targeted equity analysts covering Asian companies that were constituents as of July 26 2007 of the following indices, the biggest exchanges for domestic shares in the respective countries: Shanghai Composite (People’s Republic of China);

NYSE Arca and the Chicago Board Options Exchange have decided to close trading for options on exchange-traded funds 15 minutes earlier to synchronize the timing with the close of trading of the underlying assets. Arca last month decided to move up the closing time for ETFs to 4 p.m. Eastern time, to better accommodate after-hours trading and coordinate daily value reporting with fund managers’ daily asset value calculations. Arca is one of the largest marketplaces for ETFs, attracting 128 listings in 2008 alone. CBOE is following in Arca’s footsteps because it trades a large variety of ETF options, and wanted to synchronize its trading with the prevailing marketplace. About 50 options classes are affected.

Euromoney targeted equity analysts covering Asian companies that were constituents as of July 26 2007 of the following indices, the biggest exchanges for domestic shares in the respective countries: Shanghai Composite (People’s Republic of China);

On Wall Street the backstabbing has started, and with good reason – bonus season has arrived. While Latin American bankers watched their counterparts in the structured finance world write down billions of dollars in losses, they, by contrast, quietly brought in good profits.

Investors search for regional opportunities.

Straightforward, vanilla money market funds have suddenly become topical.

Since the beginning of 2006, Morgan Stanley’s private wealth management business has been streamlined into a slicker, more profitable business. Total client assets have increased from $624 billion to $734 billion, and quarterly profits before tax have increased from $20 million to $287 million. Helen Avery talks to Morgan Stanley’s co-president, president and chief operating officer of global wealth management, James Gorman, on how he turned Morgan Stanley’s wealth management business around, the firm’s plans for the future, and his thoughts on the private banking industry.