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Funds are still unsure what use they can make of derivatives.

Speculation continues about the value of funds of hedge funds. A recent survey of 146 European institutional investors by research firm Investor Source and law firm Clifford Chance revealed a significant drop in interest in funds of hedge funds. Only 50% were investing or considering investing in such vehicles in the third-quarter of 2005, down from 65% at the beginning. And of those investing in both funds of hedge funds and single hedge funds, 18% have switched to invest in just the latter.

JPMorgan found itself in a sticky hole last month when its private equity arm, JPMorgan Partners, was part of a consortium bidding for US doughnut company Dunkin’ Brands, which was being sold by French drinks company Pernod Ricard.

Concerned about growing inflationary pressures, Russia’s government plans to limit the amount state companies can borrow in international bond markets. Julian Evans reports on likely effects on the rouble capital market.

Russia has an undeveloped equity market culture, so it is no surprise that there are few retail investors. But this is changing as confidence and understanding of the market grows and disposable incomes increase. Kathryn Wells reports from Moscow.

Complaints about the prices of bank privatizations do nothing to further the cause of China’s continued integration into the global economy.

Nobody in their right mind would spend the week before Christmas trawling through the credit outlooks for 2006 published by investment banks, so Euromoney has done it for you. The good times should continue to roll, but look out for some painful bumps along the way.

India is fast becoming a remote front and middle office for the banking industry.

The investment manager reckons there is a wider market for its products.

A new series of private banking indices is to be launched this month, replacing those ABN Amro established in May.

Kazakhstan’s three biggest banks dominate the industry, but there are opportunities for the country’s second-tier institutions. Patrick Gill reports.

HSBC Amanah remains the undisputed regional heavyweight, but the 2006 award has gone to Dubai Islamic Bank (DIB), ahead of HSBC and last year’s winner National Commercial Bank. DIB’s list of achievements is extensive, particularly its project financing and sukuk work (see best sukuk house). According to Aref Kooheji, executive vice-president of investment and corporate banking, as the world’s first Islamic bank – it opened in 1975 – DIB has been able to capitalize on its long experience and has become involved in providing innovative structural financing solutions for a number of large projects and institutions in the GCC region and elsewhere.