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Turkey’s latest political crisis was triggered on April 24 by prime minister Recep Erdogan’s nomination of foreign minister Abdullah Gul as the ruling AK party’s candidate for president. Many had hoped that he would opt for a candidate from outside the party in order to assuage the fears of the fiercely secularist sections of the population, who demonstrated with an almost million-strong march on April 29 that they are genuinely afraid that Turkey might become an Islamic state.

After a recent correction, Vietnam’s equity market has bounced back and so has capital-raising for new funds. The latest to tap the markets are PXP Vietnam Asset Management and Mekong Capital. Both managers have successful track records investing in Vietnamese equities yet both are raising new funds to expand into new investment areas.

Asset managers are part of an unusual issuer mix.

Gary Cottle has left Morgan Stanley less than a year after joining the US investment bank. He joins Royal Bank of Scotland as head of corporate risk solutions for the UK and Europe.

The International Bank for Reconstruction and Development (World Bank) has issued its first euro-denominated global benchmark bond in a move that signals the borrower’s objective of increasing its profile. Its annual dollar benchmark operation had grown a bit stale. "We went on a non-deal roadshow throughout Asia, the Middle East and Europe," explains Doris Herrera-Pol, head of capital markets operations in the World Bank treasury. "We heard from investors that they were really interested in this issue."

Bear Stearns has hired a new head of sales for prime brokerage in Europe as part of the US bank’s renewed efforts to build a meaningful presence outside the US. The bank appointed James Shekerdemian, from Lehman Brothers, where he was previously head of the quantitative hedge funds sales group.

Neil Wilson, editorial director at HedgeFund Intelligence explains why the Big Apple still holds some aces.

The bank’s hybrid securities activity illustrates the stark contrast between the US and European bank capital sectors.

Companies working on improving inadequate water supplies in Asia’s growing economies are the prime focus of Wessex’s water investment fund. Co-founder Tim Weir tells Helen Avery how the company analyses their likely profitability.

Broker dealers collaborate to sponsor Project Alpha.

Investors are concerned that while low yields on Latin American sovereign debt and increasing opportunities in the corporate sector are driving more and more investors towards corporate fixed income, Wall Street credit research can’t keep up.

Standard & Poor’s has raised the long-term counterparty credit ratings for two of Citadel’s funds from Triple B to BBB+. "The funds’ performance in 2006 was strong and at the top of their peer group based on strong contributions across nearly all of the firm’s nine business units," said S&P’s report. "In 2006, Citadel Group reaped the rewards of years of restructuring and investments but also strongly benefited from its acquisition of the energy business of failed hedge fund Amaranth Advisors. Last year saw a significant increase in returns compared with 2004 and 2005, accompanied by an increase of the volatility of returns as measured by the standard deviation of monthly returns, but at all times well within the prescribed risk limits of the funds. The funds have never had an unprofitable year."