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By Pauline Loong

Asia's private banking clientele is turning to the region's nascent and booming hedge fund industry to ramp up returns. Picking the right fund manager is critical as the number of funds mushrooms and the talent pool shrinks. By Keri Geiger.

Increasing liquidity in the region made 2003 a tough year for international banks in search of new project finance business. Dominic Jones looks back at a year, which proved to be bad news for offshore finance – but a boon for local lenders and sponsors of developments.

Collecting old watches turned into a trend in the 1980s and the demand for classic makes and models continues to soar – as do the prices. Buy a fine wristwatch by a renowned maker and you will never have difficulty selling it in the secondary market says Pansy Ku, business manager, jewellery and watches, Christie's Hong Kong.

Global Sage, a financial services boutique with offices throughout Asia, welcomed Kojiro Nojiri to its equities and investment banking team in Japan in January. Nojiri left the bulge bracket world of Morgan Stanley, where he was head of equity sales in Tokyo. He has also worked for the likes of Nikko Salomon Smith Barney and Lehman Brothers prior to joining Global Sage.

By Christian Stauffer

Samsung Corp has sold its 84% controlling stake in the Incheon Highway to another consortium, which includes Korea Teachers Credit Union, Korea Life Insurance, Kyobo Life Insurance and Woori Bank. ING advised Samsung on the divestment. Incheon Highway was the first private-sector road project built under Korea’s Build-Transfer-Operate scheme. Investors poured $1.2 billion into completing the 40.2 km toll highway.

The semiconductor sector is once again back in favour demonstrated by the strong reception for the US$150 million, 144A bond issued by Hong Kong-based semiconductor testing and packaging company ASAT. In contrast to the modest issue size, books for the Citigroup-led deal closed at over US$1 billion. But the main attraction, according to bankers, was the generous coupon, albeit one which came in lower than the lead’s original indicated range. A senior manager at ASAT says the interest rate payable was lowered to 9.25% from the expected yield range between 9.5% and 10%, because of the high market demand.

While most economies in the world are searching for recovery, Shanghai's economy continues its growth momentum, benefiting the real estate sector. A report by Colliers International.

The Singapore government’s top investment holding company, Temasek Holdings, hit the bull’s eye in the first week of January with it S$2.16 billion (US$1.25 billion) combi exchangeable bond and share sale. The deal cashed in part of Temasek’s stake in Singapore Telecommunications, capitalizing on Singtel’s stock rally in the past year and the bullish sentiment prevailing. Sole arranger Merrill Lynch sold 392 million Singtel shares at S$1.95 apiece, a 4.8% discount, and a S$1.359 billion Temasek guaranteed bond issue exchangeable into Singtel stock.

Wealth means different things to different people. And when it comes to achieving and maintaining prosperity, some places do better than others, write Pauline Loong and Andrew Peck.

The new man in the hot seat at the Australian Competition and Consumer Commission (ACCC) is known as an advocate of consensus, unlike his very outspoken predecessor, Allan Fels. Graeme Samuel, a former lawyer and executive director of Macquarie Bank, favours quick resolutions for consumers over lengthy litigation. Nevertheless, he will be presiding over some key areas in 2004, particularly those involving the amended Trade Practices Act, which is likely to upset big business with its proposed formalisation of the M&A process. And Samuel, who took over as chairman last July, has a tough side. He has been vocal about stiffer criminal penalties for company executives who flout the law – and is throwing a spotlight this year on cartel busting and price fixing. The head of the ACCC spoke to Asiamoney's Sandra Fabbretti in Sydney.