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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.

“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.”

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.

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

The cost of retaining commodities traders is rising faster than comparable costs in any other area on the street, according to a new financial markets compensation report published by executive search and strategic consulting firm Options Group. “Energy has been a very neglected business for a long time, especially the area of energy derivatives,” says the group’s co-founder, Michael Karp. “Now lots of banks are trying to recruit in this area and commodities traders’ compensation packages should be up 30% from last year. It’s been difficult to find skilled energy traders for a couple of years but now the market’s getting tougher on a daily basis.”

Citigroup to take on $11 billion of risk in a single package.

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 funds break through

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.

Algorithmic trading is transforming the secondary equities market and the brokerage business. Its growth seems inevitable, but what will the consequences be? Peter Koh reports.

Wiphold (Women Investment Portfolio Holdings) is one of the best-known Black Economic Empowerment (BEE) companies. From its headquarters in the exclusive northern Johannesburg suburb of Houghton (Nelson Mandela has a house just up the road), Wiphold has spent more than a decade helping South Africa’s women share in the country’s wealth.