Barclays Bank is one of the world’s oldest banks. In June 2012, it was fined 290 million pounds (US$450 million) for attempting to manipulate the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The bank's chief executive, Bob Diamond, decided to give up his bonus as a result of the fine, and subsequently resigned after a wave of criticism against the bank.
Winners move down the scale
QUESTIONS: Is Baring beatable? Can competitors catch Credit Lyonnais? And will equities in Hongkong hog the limelight again? The answers will be provided at the second Sunday Morning Post Hongkong Fund Manager of the Year Awards, where the Financial Secretary, Hamish Macleod, will again be guest of honour.
The awards are being run in association with luxury goods firm Alfred Dunhill with sponsorship from wines and spirits merchants Remy.
Last year, Baring and Credit Lyonnais swept the board. Baring International was the best large fund management firm over three years, with Kleinwort Benson the best over one year.
Meanwhile, Credit Lyonnais won both the one-and three-year categories for the best small fund groups.
The top performing fund in the world over one year was Hongkong-based and invested: Barclays ASF (Hongkong) took the prize.
Other top performers were Barclays ASF Southeast Asia and Thornton Philippines Redevelopment, both managed out of Hongkong.
But financial markets have no respect for reputation and all these funds have slipped in the rankings.
Meanwhile, a group that was out of fashion last year, Jardine Fleming, now heads performance tables in many sectors.
Walter Wu, who managed both the Barclays top performers, is now a director of AsiaInvest Consultants; Cheri Wong, formerly manager of the Thornton Hongkong Gateway fund, the best performer in the world over three years, has also moved on.
Most of the fund sectors will be evaluated using the Millisis Consistency Formula, which measures consistency and performance.
The second annual awards presentation takes place on Thursday, January 27, 1994.