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In December, GM outlined a revised strategy designed to deliver at least a 9% return at its pension plans, including increased allocation to such asset classes as emerging-market debt, high-yield bonds and real estate while reducing global equity allocation to less than 50%. Some commentators feel that investing in more exotic asset classes and using hedge fund managers with the aim of reducing volatility is slightly odd. But GM treasurer Walter Borst insists that investing in additional asset classes will add to diversification and so reduce volatility on a portfolio basis. "We can do this because we have such large assets under management and expertise in house," he says. "Some people have said that by investing in some of these asset classes we must be adding risk. Well, some of the items might be more or less risky, but we like to think we're a little more sophisticated than that."

Big Bang is coming undone. The major investment banks are starting to unpick the full-service equity operations they have built up over the past two decades.

War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report.

Western Europe | Asia | Latin America | North America

The arrest of Yukos oil company owner Mikhail Khodorkovsky was a watershed for Russian business. The smart money has abandoned the lead of the former poster boy for improved corporate governance and western style management, and instead is scrambling to join what could be called the Commanding Heights Club chaired by president Vladimir Putin (pictured right). Yukos was credited with sparking a rapid improvement in corporate governance, and other oligarchs followed its example, hoping to see the same 1,000% share price gains.

Western Europe

Although mergers of large banks are relatively rare in Europe, it's a different story in private banking. M&A activity, including many small and medium-size transactions, is on the increase across the sector. Helen Avery reports.

Managing director, MYM Capital

Elliott Associates' founder Paul Singer learnt the hard way that good investment returns can only be achieved consistently if hedging is rigorously applied and opportunities to add value ruthlessly pursued. Felix Salmon reports.

It's bonus time ? and not everyone's going to be as lucky as Goldman Sachs trader Driss Ben-Brahim, who has just landed a reputed £30 million.

Investec's private bank is targeting a new client base in its domestic market ? it is going after schools.

Companies with a higher representation of women in senior management positions financially outperform companies with proportionally fewer women at the top, according to a new study by Catalyst, a research and advisory organization working to advance women in business.