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Bookrunner Value $m Deals % Share 1 UBS 9,857 61 12.3 2 Goldman Sachs 8,154 47 10.2 3 Citigroup 7,139 48 8.9 4 JP Morgan 6,215 42 7.8 5 Deutsche Bank 5,405 29 6.7 6 Merrill Lynch 5,326 31 6.7 7 Macquarie Securities 4,957 52 6.2 8 Morgan Stanley 4,045 24 5.1 9 ABN AMRO Rothschild 3,479 46 4.3 10 Credit Suisse First Boston 2,580 17 3.2 Total 80,158 1258 100 Source: Dealogic

Argentine banks turn the corner

The clubby world of private banking is under threat. The UBS/Julius Baer deal shows how tough it will be for foreign banks to break into the market.

Euromoney surveyed emerging market companies contained as of 15th July 2005 in one of the following categories:

China Oilfield Services has long lived in the shadow of its illustrious sibling, CNOOC. As demand for its services grows with the global thirst for oil, COSL wants to acquire international capacity and technology, a task it is finding challenging. Chris Leahy reports.

Part of an increasingly active market attracting foreign investors.

Chairman Raymond Baer describes Julius Baer's deal as truly transformational. A rising stock price suggests investors agree. Analysts identify the private bank, after the purchase of SBC Wealth Management, as the outstanding restructuring story in European banking. But this deal wasn't what the market expected.

When Nabil Debs consulted his investors about changing the Plutus fund's strategy, few opposed his proposal. "The majority of investors were receptive," he says. "Some of those who had allocated to us specifically for convertible exposure decided to leave (pulling money from the strategy, rather than placing it with other convert specialists who were determined to stick to their knitting). The rest, comfortable with the team at Plutus, retained their investments and adopted a 'wait and see' approach – which in hindsight worked well for them. We are driven by absolute returns and our investors expect that of us."

Steps along the right path

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Flotation of the UK fund manager still only one of several strategies being considered.