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Merrill Lynch (Bank) Suisse is the largest of Merrill's onshore international businesses, with $11.16 billion assets under management. Regarded as separate from the GPC business, the Swiss bank has been re-establishing links with it over the past two years in a bid to boost business. "While the Swiss bank wasn't making a loss, assets had settled to about $9 billion and stayed there," says Nick Stonestreet, who became CEO of the Swiss bank in July last year. "There were many things that needed addressing, such as service quality, but the most important move in the last year has been a reconnection to Merrill Lynch GPC. Before that we tended to stand alone."

There is no room for nostalgia in the new-look Merrill Lynch. Charles Merrill might have wanted to bring Wall Street to the masses but it is the affluent who command the most attention from his successors. Since 2000, James Gorman has shaken up the private-client business with dramatic results.

European corporates are making the most of burgeoning demand in the US private placement market. This raises the profile of the asset class but is hampering the development of an equivalent market in Europe and might be prompting banks to oversell issuers.

The first day of the Goodwood Festival last month, one of the UK?s most important horse-racing events and a highlight of the summer season for over 200 years, was indeed memorable. ?Glorious Goodwood?, dubbed the most beautiful racecourse in the world, lived up to its reputation. A number of ABN Amro?s senior debt and equity capital markets bankers and an assortment of journalists basked in sunshine, enjoying the scene. The only trouble was picking the right horses. Nearly everyone went for Pango, the winner in the last race, shunning another horse called Freeloader, even though it seemed to be running in ABN Amro colours.

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It was supposed be a model merger and the first significant tie-up outside the energy sector as Russian companies finally get serious about taking on industrial companies abroad. But the shareholders of heavy equipment producer OMZ left their prospective bride Power Machines waiting at the altar when they failed to show up to its AGM.

Fund managers are increasingly pessimistic about global growth expectations, inflation is still a concern and only bullishness on Japan bucks the trend, according to Merrill Lynch?s latest research.

In part two of our structured credit roundtable, participants discuss the new products and strategies available to investors in the structured credit market. These innovations can be complex to analyze and require new infrastructure and skills to manage effectively. But the bottom line is: no-one can afford to ignore this asset class.

Wary investors and a growing equity issuance backlog have spelt disappointment for many of the issuers that have made it to market. IPOs have been particularly hard hit, prompting advisers and bookrunners to devise processes that offer more reliable pricing and greater flexibility.

July's global bond offering from the Hong Kong SAR was the first issue since colonial days and the first ever in US dollars

Multi-voiced impressionist Rory Bremner provided the laughs among the backslapping at Euromoney?s Awards for Excellence dinner in London last month.

Both BNP Paribas and Barclays Capital are beefing up their push into the highly competitive US fixed-income markets by setting up new regional offices there to get closer to key institutional clients. Barclays Capital CEO Bob Diamond opened his bank's new institutional sales office in Boston at the beginning of last month and BNP Paribas set up a fixed-income institutional sales desk in San Francisco at the end of June.