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Appointed and paid for by issuers but charged with protecting investors' interests, bond trustees are in an ambiguous position. And with bondholders expecting more activism, trustees are coming under closer scrutiny.

www.breakingviews.com

20 Million Dollar Advice

UK bankers depressed by the size of their last bonus should stop reading now. The news gets worse.

Seeking funds for a US acquisition, Royal Bank of Scotland filled the book for a £2.5 billion equity placing in one day. The money raised will part fund the purchase of US bank Charter One Financial.

If you ask a trader to explain the emotional relationship he has with his positions, you will usually be met with a gruff rebuff.

By Chew Soon Gek, CFA

Global

When WestLB put the venerable but slightly dishevelled corporate broker Panmure Gordon up for sale in January 2004 it was probably rather surprised to find 35 bidders competing for the toy it had got bored with.

Of the 10 countries to join the EU last month, Poland, Hungary and the Czech Republic have been identified as offering the most opportunities for wealth managers. According to a report by Datamonitor, the relatively high national savings ratios in the three countries offer an encouraging sign to banks looking at entering the wealth management sector in central and eastern Europe. "In comparison to the UK, with a national saving ratio of 13.1%, individuals in all three countries save, on average, a far greater proportion of their disposable income," says the report.