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Capital market practitioners have failed to develop the necessary credit skills to assess and absorb infrastructure risk. Now as Philip Moore reports, these shortcomings are being addressed.

Brazil's hedge funds break through

James Montier of Dresdner Kleinwort Wasserstein, investors’ favourite equity strategist as ranked by the Thomson Extel Survey, has identified seven common mistakes in the investment process of fund managers everywhere. His analysis challenges some of the most deeply held beliefs.

“Around three years ago we read in Euromoney and other serious financial publications that we had a big problem with our banks. So we decided to do something about it... and that is why we have achieved what we have achieved in reforming the bank sector.”

Banque du Liban et d’Outre Mer (Blom), Lebanon’s largest bank, with a paid-up capital of $128.3 million, is set to continue its regional expansion via its acquisition of Egyptian-Romanian bank, Misr Romanian Bank (MRB). Saad Azhari, general manager of Blom, said: “We expect the acquisition to be completed in the first two weeks of December [2005].” He expects Blom eventually to hold between 80% and 100% of MRB’s shares.

UK Takeover Panel amends its rules on contracts for difference.

Although deals by large listed companies grab the headlines, BEE is having an impact at all levels of South African economic life. Despite its short investment horizon, some bankers see a natural fit between private equity and BEE.

According to Greenwich Associates, the average salary of a hedge fund manager last year was $280,000. The average annual bonus was $900,000.

Resolution becomes a new type of insurance participant in the Tier 1 hybrid insurance capital sector.

As the festive season approaches, speculation is rife about who will get the lion’s share of this year’s bonus pool. But that’s nothing compared to the build-up to the Morgan Stanley staff pantomime. As the bank is again generously sponsoring the season at London’s Old Vic Theatre, where Kevin Spacey is artistic director, its employees also get the chance to tread the theatre’s hallowed boards. After the Old Vic production of pantomime ‘Aladdin’, Morgan Stanley takes over the theatre for one night in January to put on its own show.

Brazil’s hedge fund industry is growing up. Two trends in particular stand out: foreign investors are seeking out local players through which to invest; and funds are evolving their strategies. Sudip Roy reports from São Paulo.

Demands for compensation from two currency option brokers over the rogue trading scandal of January 2004, presents the market with another act in one of the most entertaining financial farces for years.