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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.

Private equity specialist Carlyle is moving into the hedge fund business on the back of "client demand and product diversification", according to a source familiar with the firm.

With the exception of JPMorgan, US banks have now lost their position of dominance in credit research. At the bottom of the last credit cycle, US banks swept the board in Euromoney’s credit research polls. Since then, however, it is their European counterparts that have proved themselves more useful to their clients. Société Générale, with wins in investment grade and overall trade ideas, as well as a host of first places in sub-categories including investment-grade credit strategy, is the big upward mover in this year’s poll. Last year, the French bank placed fifth in overall investment grade, and failed to win a single category.

Dresdner Kleinwort has bolstered its Russia and the CIS investment banking franchise with the appointment of Igor Lojevsky as chairman of global banking and capital markets. He will join the bank in July following gardening leave, having most recently worked at Deutsche Bank in Moscow where he had been head of sales and origination for Russia and the CIS since 2005. Previously, Lojevsky had been co-head of investment banking for Vneshtorgbank in Moscow from 2003 to 2005 and had also worked in London from 2001 to 2003 for Deutsche Bank’s corporate finance team. Lojevsky effectively replaces Bob Foresman, who left the bank to become deputy chairman of local investment bank Renaissance Capital. Russia is Dresdner Kleinwort’s strongest market outside the UK and Germany. According to Dealogic, the bank was number one for Russian initial public offerings as of end-2006, Eurobonds and securitizations, and number two for syndicated loans.

Ukrainian politicians and bankers are considering allowing the dollar-pegged hryvna to become a managed floating currency. A first reading of a draft law in the country’s parliament, the Rada, has led to expectations that such a change could be made within 12 months.

The Eurasian Development Bank, a new policy lender established in January 2006 by the governments of Kazakhstan and Russia, says its loan portfolio is set to hit $1 billion by the end of 2007 and $10 billion by 2012, from $216 million at the start of April this year. Igor Finogenov, chairman of the joint Russo-Kazakh policy lender, said in an interview with Euromoney that the first tranche of investments would be made in the two founding member countries, before being expanded to the rest of the Eurasian Economic Community, or EurAsEc, which comprises Russia, Kazakhstan, Belarus, Kyrgyzstan, Uzbekistan and Tajikistan. Three further countries hold the status of member-observer – Armenia, Moldova and Ukraine.

Unsolicited approach looks as if it could get nasty.

A flurry of bond deals should not disguise the fact that aggressive loans and PIKs have squeezed both high yield and mezzanine finance.

Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.

The ultimate local market, real estate is also open to being globalized as an asset class. Great strides have been made in doing this and there’s more to come.

Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.

Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.