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Glittering skyscrapers, air-conditioned malls, manicured lawns, litter-free boulevards, and a law-abiding population... It is hard to believe that 200 years ago Singapore was a disease-ridden backwater populated by fisherman and pirates. And just 40 years ago the island state was racially divided, lacking in resources and reliant on unfriendly neighbours for food and water. Singapore?s transformation into a thriving global financial centre, however, is not a result of natural evolution. Rather, its leaders have approached it as a carefully thought-out project. What Singapore has lacked, it has simply created ? it?s ?a man-made miracle?.

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Barclays Capital, the investment banking division of Barclays, is adding to its equity derivatives team across three continents with up to 15 hires in a bid to enhance its structuring, trading and distribution network.

Portuguese banks got through last year's recession remarkably smoothly. But despite their strength, there's still talk of further consolidation. Quite how this would be achieved is not clear, particularly as the government is likely to resist further foreign involvement.

Of all the global investment banks, UBS has perhaps the most unlikely provenance, rooted as it is in private-banking skills. After transformational acquisitions a new UBS has emerged that means business. Group CEO Peter Wuffli outlines its ambitions in Asia.

The European high-yield market ran into volatility last month on fears of US interest rate rises. But it is not life threatening. Fundamentals look good: fewer defaults, more diversity in issuers and buyers, and landmark deals.

?Have your cake and eat it?

Top 200 banks

The family's toilet seat hangs on a nail in the shared bathroom. The man in the big room at the end of the corridor is always drunk. No-one cleans the kitchen properly. And the baby next door always cries in the middle of the night. Tens of thousands of Russians still live in communal apartments (komunalka) in buildings confiscated from the rich and given to the workers immediately after the revolution. Entire families are crushed into each room, with six or seven families to an apartment. The irony is that some have decent jobs but are unable to borrow from a bank, so moving remains beyond their reach.

Global

This Asian entrepreneur, between 40 and 50 years old, has developed his company across Asia and wants to enjoy double digit growth from his investments with a 3 to 5 years investment time horizon. He already has a well diversified portfolio and is looking for a more focused approach for this investment with measured risk. He is performance-oriented and interested in investing in alternative investments.

By Herbert Berger