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The asset class is likely to outperform emerging-market debt as more funds enter the market.

But owner banks should be cautious about the effects of a spin-off.

Merger with Belgium's InterBrew last year helped catapult the Brazilian company to the top of the beer industry. But, as Leticia Lozano reports, the emphasis now is on growth closer to home.

Managed futures or commodity trading advisers (CTAs) have been a good source of diversification and positive returns for hedge fund investors for many years. Barclay Trading Group's CTA index, for example, shows average correlation of just 0.070 with the HFRI fund weighted composite, and 0.223 with the HFRI fund of funds composite from 1990 to the end of 2004. Since the index's inception in 1980, there have been only three instances in which a year has ended with a loss, the greatest being –1.19% in 1999. But for a strategy based on long-term trends, the current market environment has made it difficult to find opportunities. At the end of August this year, the Barclay CTA index was down 1.30%. The result is that those in the know are evolving to find opportunities in shorter-term trends.

Convertible arbitrage and short-selling have been the cornerstones of hedge fund strategies. Competition and difficult underlying markets, however, are forcing managers to reconsider their game plans.

Hedge fund managers are tuning their guitars in anticipation of this year's Rocktoberfest. The annual event is a chance for hedge fund managers to swap their chinos for Spandex and perform to raise money for charity.

Rusal has grown from scratch in 2000 to become the world's third-largest producer of aluminium. But if this rapid growth is to continue, the company will need to stick to the acquisition trail, picking up bauxite and alumina producers worldwide. Kathryn Wells reports.

The City of London's usual summer slowdown was even more apparent than usual this summer as bankers' attention was grabbed by the most exciting Test Match series ever. England narrowly beat Australia for the Ashes, the sport of cricket's most prized trophy. The UK population, normally only interested in the histrionics of footballers and their wives, fell in love with cricket once again as England outplayed their arch-rivals for the first time in almost 20 years.

The $15 billion buyout of the Italian telecoms company by an Egyptian consortium could be the first of many in Europe. Kate Luxford reports.

The UAE's financial regulator, the Securities and Commodities Authority, announced on September 6 that the case of two individuals and a brokerage suspected of manipulating the stock price of Dubai Islamic Bank (DIB) had been referred to the judiciary.

It's pretty unlikely that Hugo Chávez calls too many of his friends "homies" or knows the difference between Grandmaster Flash and Tupac Shakur. But that didn't stop him from being cheered during a visit to the Bronx last month.

Banks are muscling in on US auto finance as vehicle makers divert capital to manufacturing and marketing.