WORLD'S BEST TREASURY PROVIDERS

Global Finance, Mar 2005 by Platt, Gordon

WESTERN EUROPE

Citigroup Asset Management

Citigroup Asset Management's non-US liquidity portfolio team is based in London. It ofters a wide range of strategies, from existing mutual funds to customized accounts in various currencies. CAM operates on the philosophy that short-term fixed-income markets are mainly driven by changes in fundamental economic conditions. It attempts to add value through active duration management, country allocation, yield-curve management and credit selection in order to create portfolios that respond to appropriate risk-to-return profiles.

ASIA

HSBC

HSBC offers US dollar, euro, British pound and Hong Kong dollar money market funds for investment of surplus cash. The bank operates the largest treasury operation in Asia, offering tailored solutions for notional pooling and cash concentration that meet local requirements.

LATIN AMERICA

Banco Bradesco

Banco Bradesco, Brazil's largest privately owned bank, is also the country's largest asset manager. In 2003 it purchased the Brazilian assets of JPMorgan Fleming Asset Management. Banco Bradesco currently has more than $33 billion of assets under management.

CENTRAL AND EASTERN EUROPE

RZB

Raiffeisen Capital Management, a subsidiary of RZB, is the largest asset-management company in Austria and a leading participant in CEE markets. Raiffeisen currently manages more than 200 investment funds, more than two-thirds of which were specifically designed for institutional investors. Clients also include many of the largest companies in Austria, as well as multi-company pension funds. RZB plays a major role in the European money market and is one of the panel of banks that takes care of the daily Euribor (euro interbank offered rate) and Eonia (euro overnight index average) fixings.

MIDDLE EAST AND AFRICA

National Bank of Kuwait

National Bank of Kuwait offers a variety of investment funds that offer services tailored to client needs. NBK's Swiss subsidiary and its London-based investment-management company are complemented by a strategic alliance with Morgan Stanley Dean Witter Investment Management. NBK offers first-rate customer service and keeps its customers updated on developments in the foreign exchange and money markets.

BEST BANK FOR RISK MANAGEMENT

NORTH AMERICA

JPMorqan Chase

Many companies are re-examining their investment policies and risk guidelines to comply with Sarbanes-Oxley. JPMorgan Chase's SymPro treasury management software helps corporate clients analyze their portfolios, track performance and meet compliance and reporting requirements. Clients may select any of SymPro's nine integrated modules to meet their specific needs.

WESTERN EUROPE

UBS

UBS offers an impressive array of risk-management products and services, ranging from interest-rate and currency derivatives to insurance and advice on managing enterprise-wide risks. The firm takes a holistic approach to risk management and helps its clients deploy their capital effectively to take advantage of opportunities without accepting intolerable risks. It helps corporate treasurers secure risk-appropriate financing.