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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

Profile assumed:

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.

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