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A rather angry group of American football players and the federal government are reportedly looking for Kirk Wright, whose International Management Association hedge fund allegedly robbed 500 investors of $185 million. The fund was eligible for investment as part of the football players’ financial advisers programme. Wright failed to appear in court, and has reportedly gone underground, claiming that he has received death threats.

Central Asia, a stronghold for dictators, poverty and corruption, doesn’t at first glance seem to offer fertile ground for high investment returns. But this is precisely what some of the region’s more intrepid investors hope to find and profit from. Kathryn Wells spends a week on the road with two hedge fund managers, on the lookout for opportunities on this new frontier.

Saudi Arabia’s stock market regulator, the Capital Markets Authority, is in an invidious position. At the start of the year CMA officials tried in vain to warn naive retail investors about the dangers of piling into the under-researched, thinly traded speculative stocks that comprise nearly a quarter of the country’s public companies. They were ignored: dismissed as interfering, risk-averse bureaucrats. The market, driven by rising corporate profitability resulting from the high oil price, rose to absurd levels.

The central Asian republic may still be developing suitable funding channels, but a pick-up in deals is expected, given an economy that continues to grow and an appropriate legal framework. Patrick Gill reports.

As an increasing number of hedge fund managers chase similar strategies in a bid to make returns, Bryan Williams asks why more aren’t looking at municipal bond arbitrage.

Debate: Hybrids make an impact

CEE Company ranking 2006: Home-grown state success stories

Hybrid structured products – cross-asset-class investments – are finally starting to make a significant impact with investors. Banks report increasing demand from those looking to trade several market views via a single instrument to instantly reap the benefits of portfolio diversification. But with increasing sales come new challenges, such as the pricing of correlation. How are hybrid structured product makers faring?

Uses of securitization to fund US buyouts is getting ever more innovative.

In this edition, don't miss: Abigail's opinion of Lehman's Board of Directors and of Jeremy Isaacs' realm; her advice to Bank of America on investment banking; the details of HSBC's Studzinski's glam 50th birthday party; and hats off to Rainer Stephan, chairman of Barclays in Germany.

State Bank of India has decided to enter India’s rapidly growing market for securitized assets.

Vietnam’s first flirtation with western fund management ended in an embarrassing exit for all but the die-hard few. Now that money is queuing to get in again, those who stuck it out through the downturn advise caution. Chris Leahy reports.