Institutional Investor's Alpha Magazine - March 2009 - (Page Cover3) Ukraine’s consumer boom continues to attract foreign banks even as rising inflation threatens to crash the party Europe’s Best CEOs stay focused on the bottom line to survive the credit crisis and a weakening economy Marfin’s Vgenopoulos marshals elite backers in a bid to create a southeast European business empire CEO Nikolaus von Bomhard has turned the giant German reinsurer around. Now he must battle activist investors over his plan to expand in primary insurance. PAGE 38 Munich Re Restoring Europe’s top CFOs combine financial acumen and a firm grip on operations to steer through market turbulence Rebuilding Invesco: How Russia’s business leaders Martin Flanagan brought defy global economic woes a chaotic fund group back and keep their feet on the to order, and profitability gas in a drive to expand The Asian Development Bank focuses on the private sector to narrow the region’s yawning income gaps As Brazil’s banking market booms, domestic leaders Itaú and Bradesco are leading the way forward Special Report: Coping with the credit crisis, from the Federal Reserve to major pension plans With the credit crisis and recession worries battering stocks, top analysts keep their nerve and provide clear insights. Introducing our 2008 All-Japan Research Team. PAGE 116 Cool Heads The 2007 All-America Research Team Trading Up? PAGE 49 PAGE 44 Michael Diekmann has restored profits at Germany’s Allianz. Can he unload troubled Dresdner Bank unit and win investors’ favor? PAGE 34 Banking on Insurance GROUND BREAKING JOURNALISM AWARD WINNING EDITORIAL Argentina’s banks benefit from an economic boom, but President Fernández keeps on calling for cheaper credit Can Banco del Sur and Chávez challenge the United States — and Venezuela’s neighbors? India’s promise continues to lure the world’s biggest investment banks despite recent market turmoil Investor favorites: Europe’s most shareholder-friendly companies pursue clear strategies and plain talk Switzerland’s private banks look for opportunity in the turmoil afflicting the country’s two banking behemoths Improved straits: Taiwan’s new president reaches out to China to build political and economic bridges Argentina’s banks profit from an economic boom, but President Fernández calls for cheaper loans Class-action lawyers turn up the heat on the 401(k) industry, seeking damages for excess costs America’s Best CFOs: Taking on more strategic roles while tackling the punishing credit crunch Where is the love? Find out in our annual ranking of the most shareholder-friendly companies in America Bright lights, big tickets: Homespun brokerage Edward Jones heads to the city for growth Is the New York Stock Exchange’s new management team getting ready to sweep the floor clean? Can a hedge fund thrive in Tokyo? Asuka Asset Management bets on diversification to overcome a harsh climate OMV’s bid to create an Austro-Hungarian energy giant meets a nationalist backlash from MOL Group Medvedev promises to boost spending, but Putin’s heir risks upsetting Russia’s fragile economic stability The Asian Development As Brazil’s banking market Korean shareholders unite? Bank focuses on the private booms, domestic leaders National Pension Corp. lays sector to narrow the region’s Itaú and Bradesco are down a marker by challengyawning income gaps showing the way forward ing Hyundai and Doosan France’s newest big bank is already a European powerhouse in asset management. Now CEO Pierre Servant has set his sights on the world stage. PAGE 56 Goes Global Natixis Chávez PAGE 42 Bank of SPECIAL REPORT The With Banco del Sur, Venezuela’s socialist president pushes aside the U.S. to mount a regional challenge to World Bank–style development financing. COPING WITH CRISIS WALL STREET AND REFORM REGULATORS RETHINK BASEL II TOP INVESTORS PONDER MARKET MADNESS Reinventing Retail PAGE 32 Raising the The Gulf’s Buyout King Arif Naqvi wants to build Abraaj Capital into the next great private equity shop.With strong backing from the region’s biggest investors, he might just get there. PAGE 52 Washington State Investment Board bets big on private equity and other illiquid assets, in the face of market turmoil. PAGE 34 Stakes Strong PAGE 37 Standing These are tough times for European equity research, but top analysts are up to the challenge. Presenting the 2008 All-Europe Research Team. Amid the wreckage on Wall Street, the Federal Reserve makes a historic rescue to prevent the credit crisis from escalating. Will relief lead to meaningful reform? PAGE 91 Resort Last The The Wallenberg family holding company enjoys new prosperity by investing like a private-equity player Moscow rules: Ignoring the credit crunch, investment banks vie for talent as they bid for Russian supremacy Central banks open the money spigots in an effort to prevent the credit crisis from spinning out of control Barclays Capital makes a run at Wall Street, adding staff and new products in a bid to win business from reeling rivals Société Générale’s Oudea stresses continuity in the wake of the trading scandal: Investors remain skeptical Griffin, Kovner, Simons head list of inductees as Alpha inaugurates the Hedge Fund Hall of Fame Investor favorites: Europe’s most shareholder-friendly companies pursue clear strategies and plain talk Switzerland’s private banks look for opportunity in the turmoil afflicting the country’s two banking behemoths The Gulf’s Buyout King: Arif Naqvit plans to build Abraaj Capital into the world’s next Blackstone Private bankers scramble to recruit and train financial advisers as the number of wealthy investors explodes Allianz’s Diekmann returns the insurer to profitability, but he must fix troubled Dresdner to regain favor with investors Latin America’s resilient markets spark investor interest and demand for sell-side equity research Dead Plans Waking: Why so many money managers are suddenly rushing into the defined benefit business The Power 75: Our inaugural ranking of the most influential figures in global finance Columbia Management aims to overcome the loss of Marsico and the costly overhang of SIV holdings WORLD ECONOMIC FORUM SPECIAL REPORT: MONEY MANAGEMENT AIG BOOSTS ITS INVESTMENT ARM PYRAMIS GETS SERIOUS PBGC TAKES ON MORE RISK THE II300: AMERICA’S TOP ASSET MANAGERS SPECIAL REPORT An exclusive interview with France’s Lagarde The Power 75: The movers and shapers of global finance Dubai bids for banking dominance in the Gulf Leadingfrom the Top Finance Minister Christine Lagarde is driving ambitious reforms as part of President Nicolas Sarkozy’s goal to restore French confidence — and influence in the world. PAGE 36 France La Belle Searching for PAGE 51 All’s Wells Invesco’s Amid the gloom, America’s money managers explore new strategies for growth. Alternatives Taiwan’s New President Ma Ying-jeou reaches out to Beijing in a bid to thaw relations and inject Chinese dynamism into his sluggish economy. PAGE 58 China Card PAGE 42 Martin Flanagan has turned around a battered asset management firm by fashioning a collection of boutiques into a single, focused company. PAGE 32 Mr. Fix-It PAGE 64 In our annual ranking, investors celebrate those chief executives, like Exelon’s John Rowe, who can steer their companies through the tough times ahead. PAGE 50 Shelter from the Storm AMERICAS’S BEST CEOs Europe’s top CFOs combine financial acumen and a firm grip on operations to steer through market turbulence Rebuilding Invesco: How Russia’s business leaders Martin Flanagan brought defy global economic woes a chaotic fund group back and keep their feet on the to order, and profitability gas in a drive to expand Munich Re’s von Bomhard has turned the giant reinsurer around, but activist investors are resisting his growth plan Carbon credits lead solar energy and biofuels in climate-change market potential, traders say University of Michigan CIO Lundberg lifts the school’s endowment into the top tier and looks abroad for alpha Moscow rules: Ignoring the credit crunch, investment banks vie for talent as they bid for Russian supremacy Christine Lagarde’s push for economic reforms aids President Sarkozy’s drive to restore French confidence Dubai stakes a claim to banking dominance in the Gulf with a merger to create Emirates NBD Can a hedge fund thrive in OMV’s bid to create an Tokyo? Asuka Asset Manage- Austro-Hungarian energy ment bets on diversification to giant meets a nationalist overcome a harsh climate backlash from MOL Group The 2008 All-Europe Research Team: The best analysts rise to the challenge of tough times Strauss-Kahn seeks a new role for the IMF: helping to fight the credit squeeze and warning of future crises Georgia’s Gurgenidze insists Central banker Meirelles that the conflict with Russia maneuvers to keep Brazil’s won’t stall the pace of reform inflation in check and its or hold back the economy impressive growth on track Can Banco del Sur and Chávez challenge the United States — and Venezuela’s neighbors? Argentina’s banks benefit from an economic boom, but President Fernández keeps on calling for cheaper credit Natixis, the fledgling French asset manager, aims to boost alternatives and expand globally IMF-WORLD BANK SPECIAL REPORT SOVEREIGN WEALTH FUNDS CHINA’S LOU SPELLS OUT HIS PLANS TO BUILD CIC BANKERS FLOCK TO THE GULF AND ITS RICHES THE TWO MASTERS AT KOREA’S KIC DMITRY PANKIN ON RUSSIA’S NEW WEALTH The Power 75 Our exclusive new ShipBuffeted by subprime losses, of State Righting the ranking of the most influential leaders in global finance shows the rise of Asian executives like No. 4–ranked Jiang Jianqing, chairman of the Industrial and Commercial Bank of China. PAGE 50 Embracing activism, CIO Yngve Slyngstad shakes up Norway’s giant oil fund. Will the returns justify the political risks? PAGE 90 Change Force for Banking on Insurance Michael Diekmann has restored profits at Germany’s Allianz. Can he unload troubled Dresdner Bank unit and win investors’ favor? PAGE 34 staff turnover and client lawsuits
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